Trevali Mining Corporation Announces Completion of a Private Transaction for Sale of Prism Resources Inc. Shares.

Rhea-AI Summary

Trevali Mining Corporation (TREVF) completed a private sale transaction of 5,750,000 common shares in Prism Resources Inc. for CAD$100,000. The Company sought an Initial Order under the CCAA, appointing FTI Consulting Canada Inc. as the monitor. The Sale was completed by the Monitor on behalf of the Company. Trevali no longer holds any Common Shares of Prism.

Vancouver, British Columbia--(Newsfile Corp. - February 28, 2024) - Trevali Mining Corporation (OTCQX: TREVF) (the "Company") completed a private sale transaction on February 28, 2024 (the "Sale"), pursuant to which the Company disposed of 5,750,000 common shares ("Common Shares") in the capital of Prism Resources Inc. ("Prism") for an aggregate sale price of CAD$100,000 (approximately CAD$0.0174 per share).

On August 19, 2022, the Company sought and obtained an order (the "Initial Order") from the Supreme Court of British Columbia (the "Court") under the Companies' Creditors Arrangement Act (Canada) (the "CCAA"), for an order which provides, among other things, a stay of creditor claims and proceedings. Pursuant to the Initial Order, FTI Consulting Canada Inc. was appointed as the monitor of the Company (the "Monitor").

The Sale was completed by the Monitor in the name of and on behalf of the Company pursuant to the enhanced powers provided to the Monitor by the Court.

Immediately prior to the Sale, the Company directly held 5,750,000 Common Shares of Prism representing approximately 11.1% of the issued and outstanding Common Shares of Prism (calculated on a non-diluted basis as at November 23, 2023, using the information set forth in Prism's management discussion and analysis for the nine month period ended September 30, 2023 dated November 23, 2023).

Immediately following the Sale, the Company does not own or exercise control over any Common Shares of Prism.

Following the completion the Sale, the Company ceased to own, control or have control over any Common Shares of Prism. The Company may in the future take such actions in respect of the Prism's securityholdings as it deems appropriate in light of the market circumstances then existing, including the potential purchase of additional shares of Prism through open market purchases or privately negotiated transactions.

A copy of the early warning report relating to the Sale will be available under Prism's profile on SEDAR+ at www.sedarplus.ca, and may also be obtained by contacting the Monitor (email: Trevali@fticonsulting.com or telephone: +1-877-294-8998).

About Trevali Mining Corporation

All inquiries regarding the Company and the CCAA Proceedings should be directed to the Monitor. Information about the Company's CCAA Proceedings, including all court orders, are available on the Monitor's website (http://cfcanada.fticonsulting.com/trevali/).

For further details on the Company, readers are referred to the Company's regulatory filings on SEDAR+ at www.sedarplus.ca.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/199767

FAQ

What was the total number of common shares disposed of by Trevali Mining Corporation in Prism Resources Inc.?

Trevali Mining Corporation disposed of 5,750,000 common shares in Prism Resources Inc.

What was the aggregate sale price of the common shares?

The aggregate sale price of the common shares was CAD$100,000.

Who was appointed as the monitor of Trevali Mining Corporation?

FTI Consulting Canada Inc. was appointed as the monitor of Trevali Mining Corporation.

Where can the early warning report relating to the Sale be accessed?

The early warning report can be accessed under Prism's profile on SEDAR+ at www.sedarplus.ca.

What actions may Trevali Mining Corporation take in the future regarding Prism's securityholdings?

Trevali Mining Corporation may take actions such as purchasing additional shares of Prism through open market purchases or privately negotiated transactions.