Fremont Gold Announces Debt Settlement Agreement
Fremont Gold (TSXV: FRE) (OTCQB: FRERF) has announced a debt settlement agreement to resolve outstanding debts totaling $499,333 owed to two current and one former management team members. The debts, accumulated since mid-2021, relate to unpaid remuneration and unreimbursed expenses. The settlement includes:
- Issuing 2,097,762 common shares at $0.10 per share, totaling $209,776
- Immediate payment of $100,000
- Deferred payment of $109,777 following the next equity financing
Additionally, two current management members agreed to forgive $79,780 in debt. The transaction is subject to TSX Venture Exchange approval and shares will have a four-month hold period.
Fremont Gold (TSXV: FRE) (OTCQB: FRERF) ha annunciato un accordo di liquidazione dei debiti per risolvere debiti in sospeso per un totale di $499,333 dovuti a due membri attuali e uno ex del team di gestione. I debiti, accumulati da metà 2021, riguardano compensi non pagati e spese non rimborsate. La liquidazione include:
- Emissione di 2,097,762 azioni ordinarie a $0.10 per azione, per un totale di $209,776
- Pagamento immediato di $100,000
- Pagamento differito di $109,777 dopo il prossimo finanziamento azionario
Inoltre, due membri attuali della gestione hanno accettato di condonare un debito di $79,780. La transazione è soggetta all'approvazione della TSX Venture Exchange e le azioni avranno un periodo di blocco di quattro mesi.
Fremont Gold (TSXV: FRE) (OTCQB: FRERF) ha anunciado un acuerdo de liquidación de deudas para resolver deudas pendientes por un total de $499,333 que se deben a dos miembros actuales y uno anterior del equipo de gestión. Las deudas, acumuladas desde mediados de 2021, se refieren a remuneraciones no pagadas y gastos no reembolsados. La liquidación incluye:
- Emisión de 2,097,762 acciones ordinarias a $0.10 por acción, totalizando $209,776
- Pago inmediato de $100,000
- Pago diferido de $109,777 tras la próxima financiación de capital
Además, dos miembros actuales de la gestión acordaron condonar $79,780 en deuda. La transacción está sujeta a la aprobación de la TSX Venture Exchange y las acciones tendrán un período de retención de cuatro meses.
프레몬트 골드 (TSXV: FRE) (OTCQB: FRERF)는 현재 및 전 팀원 두 명에게의 미지급 채무를 해결하기 위해 총 $499,333에 대한 채무 정산 계약을 발표했습니다. 이 채무는 2021년 중반부터 누적되어 온 것이며, 미지급 급여와 환급받지 못한 비용과 관련이 있습니다. 정산 내용은 다음과 같습니다:
- 주당 $0.10에 2,097,762주 발행, 총액 $209,776
- 즉시 지불할 $100,000
- 다음 자본 조달 후 지불할 $109,777
또한, 현재의 두 관리 팀원이 $79,780의 채무를 면제하기로 했습니다. 이번 거래는 TSX Venture Exchange의 승인을 받아야 하며, 주식은 4개월의 보유 기간이 있습니다.
Fremont Gold (TSXV: FRE) (OTCQB: FRERF) a annoncé un accord de règlement de dettes pour résoudre des dettes impayées totalisant $499,333 dues à deux membres actuels et un ancien membre de l'équipe de direction. Les dettes, accumulées depuis mi-2021, concernent des rémunérations impayées et des dépenses non remboursées. Le règlement comprend :
- Émission de 2,097,762 actions ordinaires à 0,10 $ par action, soit un total de 209,776 $
- Paiement immédiat de 100,000 $
- Paiement différé de 109,777 $ après le prochain financement par actions
De plus, deux membres actuels de la direction ont accepté d'effacer une dette de 79,780 $. La transaction est soumise à l'approbation de la TSX Venture Exchange et les actions auront une période de blocage de quatre mois.
Fremont Gold (TSXV: FRE) (OTCQB: FRERF) hat eine Schuldenregulierungsvereinbarung bekannt gegeben, um ausstehende Schulden in Höhe von $499,333 zu begleichen, die zwei aktuellen und einem ehemaligen Mitglied des Managements geschuldet werden. Die Schulden, die seit Mitte 2021 angefallen sind, beziehen sich auf nicht bezahlte Vergütung und nicht erstattete Ausgaben. Die Einigung umfasst:
- Die Ausgabe von 2,097,762 Stammaktien zu je $0.10, insgesamt $209,776
- Sofortige Zahlung von $100,000
- Aufgeschobene Zahlung von $109,777 nach der nächsten Aktienfinanzierung
Zusätzlich haben zwei aktuelle Mitglieder des Managements zugestimmt, Schulden in Höhe von $79,780 zu erlassen. Die Transaktion steht unter dem Vorbehalt der Genehmigung der TSX Venture Exchange, und die Aktien unterliegen einer viermonatigen Sperrfrist.
- Reduction of outstanding debts by $499,333, improving the company's financial position
- Partial debt forgiveness of $79,780 by current management members
- Issuance of shares at $0.10, aligning with recent private placement price
- Dilution of existing shareholders due to issuance of 2,097,762 new common shares
- Ongoing financial strain indicated by accumulation of unpaid remuneration and expenses since 2021
- Deferred payment of $109,777 dependent on future equity financing
Vancouver, British Columbia--(Newsfile Corp. - October 1, 2024) - Fremont Gold Ltd. (TSXV: FRE) (OTCQB: FRERF) (FSE: FR20) ("Fremont" or the "Company") announces that it has agreed to settle outstanding debts owed to two current and one former member of its management team totalling
The agreements provide for the following (collectively the "Debt Settlements"):
- Issuance by the Company to the debtors of a total of 2,097,762 common shares at a deemed price of
$0.10 per share (being the unit price of the non-brokered private placement that closed in July 2024) having a total deemed value of$209,776 ; - Immediate payment of a total of
$100,000 ; and - Deferred payment of a total of
$109,777 t o take place following the closing of the Company's next equity financing.
In addition, the two current members of the management team have agreed to forgive a total of
As the common shares will be issued to a non-arm's length parties to the Company, the Debt Settlements will constitute a "related party transaction" within the meaning of Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions ("MI 61-101"). The Debt Settlements are exempt from the formal valuation requirements and minority shareholder approval requirements of MI 61-101 pursuant to Section 5.5(a) and Section 5.7(1)(a) as the value of the common shares issued in the Debt Settlements will not exceed
Completion of the Debt Settlements is subject to the approval of the TSX Venture Exchange. Shares issued in connection with the Debt Settlements will be subject to a four-month hold period in accordance with applicable securities laws.
About Fremont Gold
The Company's mine-finding management team has a track record of creating shareholder value and has assembled a highly prospective portfolio of potential tier one copper-gold mineral opportunities in the Central Tethyan Mineral Belt in Armenia. The Tethyan Belt is one of the world's most prolific gold, copper and polymetallic mineral belts, yet the Armenian portion of the belt is vastly underexplored.
On behalf of the Board of Directors,
"Joel Sutherland"
CEO
For further information, contact:
joel@fremontgold.net
www.fremontgold.net
https://twitter.com/GoldFremont
https://www.linkedin.com/company/fremont-gold/
Neither 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.
Forward looking statements
This news release contains forward-looking statements. All statements other than statements of historical fact included in this news release are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's expectations including the risks detailed from time to time in the filings made by the Company with securities regulations. The reader is cautioned not to place undue reliance on any forward-looking information. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The forward-looking statements contained in this news release are made as of the date of this news release and the Company will update or revise publicly any of the included forward-looking statements only as expressly required by Canadian securities law.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/225224
FAQ
What is the total amount of debt being settled by Fremont Gold (FRERF)?
How many new shares will Fremont Gold (FRERF) issue as part of the debt settlement?
What is the immediate cash payment amount in Fremont Gold's (FRERF) debt settlement?
When did the debts begin accumulating for Fremont Gold (FRERF)?
