Providence Announces Completion of Debt Settlement; Grant of Stock Options

Ad blocking detected

Thank you for visiting CanadianInsider.com. We have detected you cannot see ads being served on our site due to blocking. Unfortunately, due to the high cost of data, we cannot serve the requested page without the accompanied ads.

If you have installed ad-blocking software, please disable it (sometimes a complete uninstall is necessary). Private browsing Firefox users should be able to disable tracking protection while visiting our website. Visit Mozilla support for more information. If you do not believe you have any ad-blocking software on your browser, you may want to try another browser, computer or internet service provider. Alternatively, you may consider the following if you want an ad-free experience.

Canadian Insider Ultra Club
$500/ year*
Daily Morning INK newsletter
+3 months archive
Canadian Market INK weekly newsletter
+3 months archive
30 publication downloads per month from the PDF store
Top 20 Gold, Top 30 Energy, Top 40 Stock downloads from the PDF store
All benefits of basic registration
No 3rd party display ads
JOIN THE CLUB

* Price is subject to applicable taxes.

Paid subscriptions and memberships are auto-renewing unless cancelled (easily done via the Account Settings Membership Status page after logging in). Once cancelled, a subscription or membership will terminate at the end of the current term.

(TheNewswire)



Vancouver, BC. - TheNewswire - July 18, 2019 - Providence Gold Mines Inc. (TSXV:PHD)(the “Company”) announces that, following an earlier announcement in its June 27, 2019 news release, it has received the approval of the TSX Venture Exchange (“TSX-V”) for the shares for debt transaction to settle $24,000 in debt with Baron Global Financial Canada Ltd. (“Baron”) through the issuance of 200,000 common shares of the Company (the “Settlement Shares”) at a deemed price of $0.12 per Settlement Share (the “Debt Settlement”).  Accordingly, the Company has completed the Debt Settlement.  The Settlement Shares are subject to a statutory hold period of four months plus one day.

The Debt Settlement is considered a related party transaction pursuant to Multilateral Instrument 61-101, Protection of Minority Security Holders in Special Transactions, as Baron was related to the company through a common director at the time the Debt Settlement was arranged. The Company is exempt from the requirements to obtain a formal valuation and minority shareholder approval in connection with the Debt Settlement in reliance of sections 5.5(a) and 5.7(a) of MI 61-101, on the basis that participation in the Debt Settlement by insiders did not exceed 25 per cent of the fair market value of the Company's market capitalization.

The Company further announces the grant, pursuant to its stock option plan and subject to regulatory approval, of 600,000 options to directors, officers, employees and consultants at an exercise price of $0.15 per share for a term of five years.  The securities represented by this grant will be subject to a four-month hold period.

ON BEHALF OF THE BOARD

"Ronald Coombes"

Ronald Coombes, President & CEO

FOR FURTHER INFORMATION PLEASE CONTACT:

Ronald Coombes

Mobile: 1- 604- 724-2369

[email protected]  

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Copyright (c) 2019 TheNewswire - All rights reserved.