Temas Resources Announces Resignation of Robert Shafer and Settlement of Debt

Rhea-AI Summary

Temas Resources Corp. (CSE: TMAS) announces the immediate resignation of board member Robert ‘Bob’ Schafer. This resignation comes with a settlement agreement to resolve outstanding fees totaling $25,000, which will be compensated in the form of 500,000 shares issued at $0.05 each. The issued shares are subject to a statutory four-month hold. The company focuses on critical metals necessary for mineral independence, particularly in its La Blache and Lac Brule projects in Quebec, and is advancing green mineral recovery technologies.

Positive

• Settlement agreement allows for clear resolution of outstanding fees, potentially improving financial clarity.
• Issuing shares in lieu of cash settlements may preserve company cash flow.

Negative

• The resignation may raise concerns regarding board stability and continuity.
• The necessity of issuing shares to settle outstanding fees could be perceived as a sign of financial strain.

VANCOUVER, British Columbia--(BUSINESS WIRE)-- Temas Resources Corp. (“Temas” or the “Company”) [CSE: TMAS] announces that effective immediately Robert ‘Bob’ Schafer has resigned from the board of directors and all outstanding fees have been settled in exchange for shares per a settlement agreement (the “Agreement”) entered into between the Company and Mr. Schafer.

The Agreement entails the full and final settlement of outstanding fees for a total $25,000.00 in Temas shares at an issue price of $0.05 for a total of 500,000 shares. Shares issued under the Agreement are subject to a statutory four month hold.

On behalf of the Board of Directors,

Samuel “Kyler” Hardy,
President & CEO, Director

About Temas Resources
Temas Resources Corp. (CSE: TMAS) (OTCQB: TMASF) is focused on the advanced La Blache and Lac Brule Iron-Titanium-Vanadium projects in Quebec. The critical metals the Company is exploring for are key to our national mineral independence. Additionally, the Company invests in and works to apply its green mineral recovery technologies across its mining portfolio to reduce the environmental impact and carbon footprint of metal extraction through advanced processing and patented leaching technologies.

All public filings for the Company can be found on the SEDAR website www.sedar.com. For more information about the Company, please visit www.temasresources.com.

NEITHER THE CSE 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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230327005617/en/

For further information or investor relations inquiries:

Samuel “Kyler” Hardy

President and CEO, Director

E-mail: khardy@cronincapital.ca

Tel: 604-428- 9480

Source: Temas Resources Corp.

FAQ

What happened to Robert Schafer at Temas Resources?

Robert Schafer has resigned from the board of directors of Temas Resources Corp.

What are the terms of Robert Schafer's settlement agreement?

The settlement agreement involves the issuance of 500,000 shares at $0.05 each to settle $25,000 in outstanding fees.

How might Robert Schafer's resignation impact Temas Resources?

His resignation could impact board stability and raise concerns about continuity in leadership.

What is the financial implication of the settlement agreement for TMASF?

The settlement agreement may preserve cash flow but also indicates reliance on share issuance to meet financial obligations.

What projects is Temas Resources focusing on?

Temas Resources Corp. is focused on its La Blache and Lac Brule Iron-Titanium-Vanadium projects in Quebec.