Pegasus Resources Issues Shares for Debt

Rhea-AI Summary

Pegasus Resources Inc. (OTC/Pink Sheet symbol SLTFF) has settled $20,000 in outstanding debt through the issuance of 400,000 common shares at a price of $0.05 per share, following approval from the TSX Venture Exchange. This Shares for Debt Settlement aims to streamline the company's financial obligations. The issued shares will be under a four-month hold period. Pegasus, a diversified mineral exploration company focused on zinc and base metals in North America, continues to seek opportunities that enhance shareholder value.

Positive

• Settlement of $20,000 debt strengthens financial position.
• Issuance of shares approved by TSX Venture Exchange.

Negative

• Issuing shares for debt may dilute existing shareholders' equity.

VANCOUVER, British Columbia, May 07, 2021 (GLOBE NEWSWIRE) -- Pegasus Resources Inc. (TSX-V: PEGA; Frankfurt – OQS2, OTC/Pink Sheet symbol SLTFF) (the “Company” or “Pegasus”) announces that the Company has settled an outstanding indebtedness with a creditor (the “Shares for Debt Settlement”) through the issuance of common shares of the Company, which was approved by the TSX Venture Exchange. Pursuant to the Shares for Debt Settlement, the Company has issued a total of 400,000 common shares of Pegasus at a deemed price of $0.05 per share in satisfaction of an outstanding amount of $20,000. The common shares issued pursuant to the Shares for Debt Settlement will be subject to a four month hold from the applicable date of issuance.

About Pegasus Resources Inc.
Pegasus Resources Inc. is a diversified Junior Canadian Mineral Exploration Company with a focus on zinc and base metal properties in North America. The Company is also actively pursuing the right opportunity in other resources to enhance shareholder value. For additional information please visit the Company at www.pegasusresourcesinc.com or contact Charles Desjardins at charles@pegasusresourcesinc.com.

On Behalf of the Board of Directors

Charles Desjardins
President and Director
Pegasus Resources Inc.
700 – 838 West Hastings Street
Vancouver, BC V6C 0A6
PH: 1-604-369-8973
E: info@pegasusresourcesinc.com

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.

Forward Looking Statements
Statements included in this announcement, including statements concerning the Company’s plans, intentions and expectations, which are not historical in nature are intended to be, and are hereby identified as, “forward-looking statements”. Forward-looking statements may be identified by words including “anticipates”, “believes”, “intends”, “estimates”, “expects” and similar expressions. The Company cautions readers that forward-looking statements, including without limitation those relating to the Company’s future operations and business prospects, are subject to certain risks and uncertainties that could cause actual results to differ materially from those indicated in the forward-looking statements.

FAQ

What is the recent news about Pegasus Resources Inc. (SLTFF)?

Pegasus Resources has settled $20,000 in debt by issuing 400,000 common shares at $0.05 each.

How many shares has Pegasus Resources issued for debt settlement?

The company has issued 400,000 common shares.

What is the price per share for the debt settlement issued by Pegasus Resources?

The deemed price per share for the debt settlement is $0.05.

What will happen to the shares issued for debt settlement by Pegasus Resources?

The shares will be subject to a four-month hold period.