LAVAL, QUÉBEC, Jan. 08, 2018 (GLOBE NEWSWIRE) -- Chibougamau Diamond Drilling Ltd. (the “Acquiror”), located at 527, route 167 Sud, Chibougamau, Québec, G8P 2K5, acquired today 4,930,098 common shares (“Acquired Shares”) in the capital stock of Pele Mountain Resources Inc. (the “Issuer”) at a deemed issue price of $0.068 per Acquired Share in full and final settlement of $335,246.64 in debt owed by the Issuer to the Acquiror (the “Debt Settlement”).
The Issuer’s head office is located at 66 Wellington Street West, Suite 4100, Toronto, Ontario M5K 1B7. The common shares of the Issuer (“Common Shares”) are listed on the TSX Venture Exchange under the symbol GEM.
Prior to the acquisition of the Acquired Shares, the Acquiror owned 74,126 Common Shares representing 0.24% of the issued and outstanding Common Shares. The Acquiror acquired direct ownership of 4,930,098 Common Shares pursuant to the Debt Settlement. Following the Debt Settlement, the Acquiror directly owned 5,004,224 Common Shares, representing 13.85 % of the issued and outstanding Common Shares, an increase of 13.61%.
The Acquired Shares were acquired by the Acquiror pursuant to the Debt Settlement for debt settlement purposes only. The Acquiror may, from time to time, take such actions in respect of its holdings in securities of the Issuer, as it may deem appropriate, in light of the circumstances then existing, including the purchase of additional common shares or other securities of the Issuer or the disposition of all or a portion of their securityholdings in the Issuer, subject in each case to applicable securities laws and the terms of such securities.
Pursuant to NI 62-103, the Acquiror will file an early warning report in respect of the Debt Settlement with the applicable Canadian securities regulators, a copy of which will be available under the Issuer’s profile at www.sedar.com. A copy of the early warning report can be obtained by contacting the Acquiror at (418) 748-3977.
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 news release.
For further information, please contact:
Chibougamau Diamond Drilling Ltd.
Serge Larouche
President
(418) 748-3977
www.chibougamaudrilling.ca