NOT FOR DISSEMINATION IN THE UNITED STATES OR OVER UNITED STATES NEWSWIRE SERVICES
Shares Outstanding: 36,143,196
TORONTO, Jan. 08, 2018 (GLOBE NEWSWIRE) -- Pele Mountain Resources Inc. (GEM.V) (“Pele” or the “Corporation”) is pleased to announce that further to its press releases dated December 8, 2017, and December 29, 2017, that today it closed in escrow the second and final tranche of its previously announced debt settlement (the “Debt Settlement”). Pursuant to the second tranche escrow closing, the Corporation settled $335,246 in debt through the issuance of 4,930,098 common shares of the Corporation (“Common Shares”) at $0.068 per Common Share (the “Second Debt Settlement Closing”). The Common Shares issued pursuant to the Second Debt Settlement Closing are subject to a statutory hold period expiring on May 9, 2018, and will be held in escrow pending the final acceptance of the Debt Settlement by the TSX Venture Exchange (the “TSXV”).
As a result of the Second Debt Settlement Closing, together with the first closing of the Debt Settlement, completed on December 29, 2017, the Corporation has reduced its indebtedness to less than $123,000 (net of disputed/aged payables of approximately $98,000) and increased the number of issued and outstanding Common Shares to 36,143,196.
About Pele Mountain Resources Inc.
Pele shares are listed on the TSXV under the symbol “GEM”. Management is focusing on seeking out strategic alternatives for Pele to enhance shareholder value. For further information please contact Martin Cooper, Interim Chief Executive Officer and President, at 1-800-315-7353.
Cautionary Notes
This news release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, such as statements that describe the Corporation’s plans, objectives or goals, including words to the effect that the Corporation or management expects a stated condition or result to occur, are forward-looking information. In particular, this news release contains forward-looking information in relation to implementation, closing, terms, and expected results of the Debt Settlement, and Pele’s business objectives. This forward-looking information reflects the expectations and beliefs of management based on information currently available, and on assumptions that the Corporation believes are reasonable, including, without limitation, assumptions regarding regulatory approval of the Debt Settlement on the terms agreed by the Corporation and the Creditors, and completion of the Debt Settlement. Since forward-looking statements address future events and conditions, by their very nature, they involve inherent risks and uncertainties. Actual results in each case could differ materially from those currently anticipated in such statements. Such risks and other factors may include, without limitation, delay or failure to receive regulatory approvals; capital market conditions and market prices for securities; general business, economic, competitive, political and social conditions; competition; changes in legislation, including environmental legislation, affecting the Corporation; the timing and availability of financing on acceptable terms, as well as the other risk factors described in the Corporation’s disclosure documents filed on SEDAR at www.sedar.com. Readers are cautioned not to place undue reliance on forward-looking information. The forward-looking information contained in this news release is expressly qualified by this cautionary statement. The Corporation undertakes no duty to update any such forward-looking information, except as required by law. Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.