Western Star Resources Inc. Announces Closing of Debt Settlement Agreements

Core Viewpoint - Western Star Resources Inc. has successfully completed a Shares for Debt Settlement transaction to settle CDN$209,400 owed to certain officers and directors by issuing 1,745,000 common shares at a deemed price of $0.12 per share [1] Group 1: Debt Settlement Details - The debt settlement involves a total of CDN$209,400 owed to certain insiders of the company [1] - The company issued 1,745,000 common shares at a price of $0.12 per share to settle this debt [1] - The shares issued are subject to a hold period of four months and one day [1] Group 2: Related-Party Transaction - The debt settlement with insiders is classified as a related-party transaction under Multilateral Instrument 61-101 [2] - The issuance of shares to insiders is exempt from the valuation requirement of MI 61-101 due to the company's shares not being listed on a specified market [2] - The transaction is also exempt from minority shareholder approval requirements as the value of shares issued does not exceed 25% of the company's market capitalization [2] Group 3: Company Overview - Western Star Resources is focused on mineral exploration and development, aiming to increase shareholder value through cost-effective exploration practices [4] - The company owns nine non-surveyed contiguous mineral claims totaling 2,797 hectares in the Revelstoke mining division of British Columbia [4] - The property group is located approximately 50 kilometers southeast of Revelstoke, B.C., with access via paved highway or helicopter [4]