Core Viewpoint - Minnova Corp. has successfully completed a debt settlement by issuing 15,999,999 common shares at a price of $0.05 per share, settling an aggregate of $800,000 in indebtedness to certain creditors [1]. Group 1: Debt Settlement Details - The debt settlement involved the issuance of 15,999,999 common shares at a price of $0.05 per share, totaling $800,000 [1]. - All securities issued in connection with the debt settlement are subject to a statutory hold period of four months plus a day from the date of issuance [2]. - The debt settlement is classified as a "related party transaction," with certain insiders receiving 8,299,999 common shares [3]. Group 2: Insider Holdings - Prior to the debt settlement, Mr. Gorden Glenn held 5,270,740 common shares and 2,791,436 stock options, representing approximately 6.68% of the issued shares on an undiluted basis [4]. - After the debt settlement, Mr. Glenn's holdings increased to 13,570,739 common shares, representing approximately 14.29% of the issued shares on an undiluted basis [4]. Group 3: Company Overview - Minnova Corp. is focused on restarting its PL Gold Mine, which has a positive feasibility study indicating an average annual production rate of 46,493 ounces over a minimum five-year mine life [5]. - The PL Gold Mine project has a short pre-production timeline of 15 months and is fully road accessible, located near existing mining infrastructure in the Flin Flon Greenstone Belt of Central Manitoba [5].
Minnova Announces Completion of Debt Settlement
Newsfileยท2025-07-24 21:00