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Gold Mountain Announces Reliance on Financial Hardship Exemption in Connection With Debt Settlements and Deferrals and Private Placement Offering Up to $750,000

Gold Mountain Announces Reliance on Financial Hardship Exemption in Connection With Debt Settlements and Deferrals and Private Placement Offering Up to $750,000

Gold Mountain宣佈依靠與債務結算和延期以及高達75萬美元的私募發行相關的財務困難豁免
Accesswire ·  03/26 06:20

NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

不用於分發給美國新聞通訊社或在美國傳播

VANCOUVER, BC / ACCESSWIRE / March 25, 2024 / Gold Mountain Mining Corp. ("Gold Mountain" or the "Company") (TSX:GMTN)(OTCQB:GMTNF)(FRA:5XFA) announces that it has reached agreements with two secured creditors for the settlement and postponement of certain secured debts (the "Debt Settlements"). The secured creditors are Nhwelmen Construction LP Ltd. ("Nhwelmen") who is currently owed $7,784,850.71 (the "Nhwelmen Secured Debt") and Hedge Minerals Corp.("Hedge") who is currently owed $1,241,669.18 (the "Hedge Secured Debt").

不列顛哥倫比亞省溫哥華/ACCESSWIRE/2024年3月25日/金山礦業公司(“金山” 或 “公司”)(多倫多證券交易所股票代碼:GMTN)(OTCQB: GMTNF)(FRA: 5XFA)宣佈,它已與兩名有擔保債權人就清算和推遲某些擔保債務(“債務和解”)達成協議。有擔保債權人是Nhwelmen Construction LP Ltd.(“Nhwelmen”),目前欠款7,784,850.71美元(“Nhwelmen有擔保債務”)和Hedge Minerals Corp.(“Hedge”),後者目前欠款1,241,669.18美元(“對沖擔保債務”)。

Nhwelmen is the contract miner at the Company's Elk Gold Mine, and Hedge is an arms-length lender to the Company pursuant to a loan arrangement entered into effective September 13, 2023. Nhwelmen has agreed to accept common shares of the Company in payment of $1,250,000 of the Nhwelmen Secured Debt at an issuance price of $0.0075 per share (the "Issue Price"), which pricing is at a discount to market price (for a maximum of 166,666,667 common shares being issued to Nhwelmen), and the remaining amount of the Nhwelmen Secured Debt will be repaid in equal cash payments over 24 months commencing in April, 2024 and including interest at a rate of 18% per annum. The entire Hedge Secured Debt will be repaid through the issuance of common shares of the Company at the Issue Price (for a maximum of 165,555,891 common shares being issued to Hedge).

根據2023年9月13日生效的貸款安排,Nhwelmen是該公司麋鹿金礦的合同礦工,Hedge是公司的正常貸款機構。Nhwelmen已同意接受公司的普通股以支付125萬美元的Nhwelmen有擔保債務,發行價格爲每股0.0075美元(“發行價格”),其定價低於市場價格(最多向Nhwelmen發行166,666,667股普通股),Nhwelmen有擔保債務的剩餘金額將在24個月內以等額現金償還從2024年4月開始,包括年利率爲18%的利息。全部對沖擔保債務將通過按發行價格發行公司普通股來償還(最多向Hedge發行165,555,891股普通股)。

The Company has also approached certain unsecured vendors who provide critical services to the Company for the conversion of up to $1.5 million of unsecured debt for settlement of such debts in payment of common shares of the Company at the Issue Price for a maximum issuance of 200,000,000 common shares.

該公司還與某些向公司提供關鍵服務的無擔保供應商進行了接觸,要求他們轉換高達150萬美元的無抵押債務,以清償此類債務,以發行價支付公司的普通股,最高發行量爲2億股普通股。

Further, the Company is pleased to announce a non-brokered private placement (the "Private Placement") of up to 100,000,000 common shares in the capital of the Company at the Issue Price for gross proceeds to the Company of up to $750,000, which would represent a maximum of up to 14.28% of the Company's issued and outstanding common shares following the issuance of common shares with respect to the Debt Settlements. The common shares issued are subject to applicable resale restrictions, including a hold period of four months and one day from the closing of the Private Placement under Canadian securities rules. The Private Placement is subject to customary closing conditions including final Toronto Stock Exchange ("TSX") approval. Proceeds of the Private Placement will be used to ramp up operations at the Elk Gold Mine and for working capital and general corporate purposes. No insiders of the Company will be participating in the Private Placement.

此外,公司很高興地宣佈,按發行價格進行公司資本中不超過1億股普通股的非經紀私募配售(“私募配售”),向公司提供的總收益最高爲75萬美元,這相當於發行普通股後公司已發行和流通普通股的最高14.28%。發行的普通股受適用的轉售限制,包括根據加拿大證券規則,自私募股結束之日起四個月零一天的持有期。私募受慣例成交條件的約束,包括多倫多證券交易所(“TSX”)的最終批准。私募的收益將用於擴大麋鹿金礦的運營,並用於營運資金和一般公司用途。公司的任何內部人士都不會參與私募配售。

Insider Participation

內部參與

None of the creditors currently own (directly or indirectly) any securities of the Company. Upon completion of the Debt Settlements (assuming no settlement of unsecured debts and prior to closing of the Private Placement) Hedge would own 39.38% of the Company's common shares (non-diluted) and Nhwelmen would own 39.65% of the Company's common shares (non-diluted). Assuming settlement of all $1.5 million of the unsecured debt and closing of the Private Placement of $750,000 in gross proceeds, Hedge would own 23.64%, Nhwelmen would own 23.80% and the unsecured creditors would own 28.60% the Company's common shares, all on a non-diluted basis. As a result of such ownership, Nhwelmen and Hedge will become "insiders" of the Company for purposes of the TSX Company Manual and a "related party" of the Company pursuant to Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions ("MI 61-101"). Depending on the participation of the unsecured creditors, such unsecured creditors may also become "insiders" and "related parties" and the Company will make such disclosure in future press releases once determined. The Debt Settlements will result in a change of control of the Company as both Nhwelmen and Hedge will become control persons in the Company, owning more than 20% of the current issued and outstanding. The Company does not anticipate that any of subscribers pursuant to the Private Placement will become "insiders" or "related parties" of the Company.

目前,沒有任何債權人(直接或間接)擁有公司的任何證券。債務清算完成後(假設沒有清算無抵押債務,在私募結束之前),Hedge將擁有公司39.38%的普通股(未攤薄),Nhwelmen將擁有公司39.65%的普通股(未攤薄)。假設所有150萬美元的無抵押債務得到清償,總收益爲75萬美元的私募股權結束,Hedge將擁有23.64%的股份,Nhwelmen將擁有23.80%的股份,無擔保債權人將擁有公司28.60%的普通股,全部按未攤薄計算。由於這種所有權,就多倫多證券交易所公司手冊而言,Nhwelmen和Hedge將成爲公司的 “內部人士”,並根據多邊文書61-101成爲公司的 “關聯方”- 在特殊交易中保護少數證券持有人 (“MI 61-101”)。視無擔保債權人的參與情況而定,此類無擔保債權人也可能成爲 “內部人士” 和 “關聯方”,一旦確定,公司將在未來的新聞稿中進行此類披露。債務和解將導致公司的控制權發生變化,因爲Nhwelmen和Hedge都將成爲公司的控制人,擁有當前已發行和未償還的20%以上。公司預計,私募中的任何訂閱者都不會成爲公司的 “內部人士” 或 “關聯方”。

The Debt Settlement is a "related party transaction" within the meaning of MI 61-101. However, in light of the fact that the Board and Special Committee have determined that the Company is in serious financial difficulty and that the Debt Settlement is designed to improve the Company's financial situation, the Company is relying on the exemption from the formal valuation and minority approval requirements of MI 61-101 contained in Section 5.5(g) and Section 5.7(1)(e) of MI 61-101, respectively, on the basis of the "financial hardship" exemption therein.

債務清算是密歇根州61-101所指的 “關聯方交易”。但是,鑑於董事會和特別委員會已確定公司陷入嚴重財務困境,債務清算旨在改善公司的財務狀況,公司依賴密歇根州61-101第5.5(g)節和第5.7(1)(e)節分別規定的MI 61-101正式估值和少數股權批准要求的豁免,其基礎是其中的 “財務困難” 豁免。

Special Committee

特別委員會

A special committee of the board of directors of the Company (the "Special Committee") was constituted and considered the fairness of the Debt Settlements and related matters. The Special Committee is comprised of two independent directors. The Special Committee has determined that the Debt Settlements are reasonable for the Company in the circumstances and recommends that the Company proceed with the Debt Settlement.

成立了公司董事會特別委員會(“特別委員會”),並對債務清算和相關事項的公平性進行了審議。特別委員會由兩名獨立董事組成。特別委員會已確定,在這種情況下,債務清算對公司來說是合理的,並建議公司繼續進行債務清算。

The Special Committee carefully considered management's efforts in recent years in exploring various alternatives to improve the financial situation of the Company and considered whether other alternatives may be available (e.g., various corporate transactions, M&A transaction with third parties, accessing public or private debt or equity markets). The Special Committee has concluded that the Company is in serious financial difficulty and there are no viable alternatives available on commercially reasonable terms that would be more likely to improve the financial situation of the Company compared to the Debt Settlement (and related transactions).

特別委員會仔細考慮了管理層近年來在探索改善公司財務狀況的各種替代方案方面所做的努力,並考慮了是否有其他替代方案(例如各種公司交易、與第三方的併購交易、進入公共或私人債務或股票市場)。特別委員會得出結論,公司陷入嚴重的財務困境,與債務清算(和相關交易)相比,在商業上合理的條件下,沒有更有可能改善公司財務狀況的可行替代方案。

Financial Hardship Exemption

財務困難豁免

As the Debt Settlement will: (i) result in the issuance of shares to Hedge and Nhwelmen in an amount greater than 25% of the number of common shares outstanding and materially effect control of the Company (section 604(a)(i) of the TSX Company Manual); (ii) dilute the Company's market capitalization by more than 25% (section 607(g)(i) of the TSX Company Manual); and (iii) the issuance of common shares in the Debt Transactions and Private Placement are being priced lower than market price less the maximum applicable discount (section 607(e) of the TSX Company Manual), disinterested shareholder approval and an independent report regarding the value of the transaction consideration is required. However, the Company has applied to the TSX for a "financial hardship" exemption from the requirements to obtain disinterested shareholder approval and an independent valuation report on the basis that the Company is in serious financial difficulty and the Debt Settlement is designed to improve the Company's financial situation. The application was made upon the recommendation of the Special Committee, free from any interest in the Debt Settlement and unrelated to the parties involved in such transactions (other than the Company) and was based on its determination that the Debt Settlement is reasonable for the Company in the circumstances.

由於債務和解將:(i)導致向Hedge and Nhwelmen發行的股票金額超過已發行普通股數量的25%,並對公司控制權產生重大影響(《多倫多證券交易所公司手冊》第604(a)(i)條);(ii)將公司的市值稀釋25%以上(《多倫多證券交易所公司手冊》第607(g)(i)條);以及(iii)) 債務交易和私募中普通股的發行價格低於市場價格減去多倫多證券交易所公司最大適用折扣(第607(e)條)手動)、無私的股東批准和有關交易對價價值的獨立報告是必要的。但是,該公司已向多倫多證券交易所申請 “財務困難” 豁免,以獲得無私股東批准和獨立估值報告的要求,理由是該公司陷入嚴重的財務困境,債務清算旨在改善公司的財務狀況。該申請是根據特別委員會的建議提出的,不涉及債務清算中的任何利息,與此類交易的參與方(公司除外)無關,其依據是特別委員會認定,在這種情況下,債務清算對公司來說是合理的。

There is no certainty that the terms of the Debt Settlement will be acceptable to any of the unsecured vendors.

不確定債務清算的條款是否會被任何無抵押供應商所接受。

The Company anticipates that a resolution will be put to shareholders approving a share consolidation at its next Annual Meeting.

該公司預計,將在下次年會上向股東提出一項決議,批准股票合併。

Appointment of Director

董事的任命

The Company's Chief Executive Officer, Ronald Woo, has been appointed to the Board of Directors of the Company effective immediately. Mr. Woo has served as President of the Company between December 23, 2020 until December 23, 2021 and has served as CEO of the Company since July 10, 2023.

該公司的首席執行官胡偉業已被任命爲公司董事會成員,立即生效。胡先生在2020年12月23日至2021年12月23日期間擔任公司總裁,並自2023年7月10日起擔任公司首席執行官。

This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in the United States or in any other jurisdiction in which such offer, solicitation or sale would be unlawful. The securities have not been registered under the U.S. Securities Act and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements thereunder.

本新聞稿不構成賣出要約或徵求買入要約,也不應在美國或任何其他司法管轄區出售證券,此類要約、招攬或出售是非法的。這些證券尚未根據《美國證券法》註冊,如果沒有註冊或沒有相應的註冊要求豁免,則不得在美國發行或出售。

About Gold Mountain

關於金山

Gold Mountain is a British Columbia based gold and silver production, exploration and development company focused on the development of the Elk Gold Mine, a producing mine located 57 kilometers from Merritt in South Central British Columbia. Additional information is available at or on the Company's new website at .

Gold Mountain是一家總部位於不列顛哥倫比亞省的黃金和白銀生產、勘探和開發公司,專注於開發麋鹿金礦,該礦產礦位於不列顛哥倫比亞省中南部距梅里特57公里處。更多信息可在公司的新網站上獲得,網址爲。

For more information, please contact:

欲了解更多信息,請聯繫:

Gold Mountain Mining Corp.
Ronald Woo, CEO
Email: IR@gold-mountain.ca

金山礦業公司
首席執行官 Ronald Woo
電子郵件:IR@gold-mountain.ca

Forward Looking Statements

前瞻性陳述

This news release includes certain "forward-looking statements" under applicable Canadian securities legislation regarding the closing of the Debt Settlement and the timing of the same, the closing of the Private Placement and the timing of the same, the ability of the Company to continue as a going concern, the pro forma ownership of Hedge and Nhwelmen and the exact number of shares to be issued by the Company, the impact of the Debt Settlement on the Company and the results thereof, including that it will allow the Company to address its significant working capital deficiency and provide operating capital to the Company so that it can go forward as a viable going concern, receipt of the regulatory and TSX approval, the removal of all secured debt, elimination of future interest payments and the ability for the Company to restart the mine, thereby significantly improving the Company's financial situation. Forward-looking statements include statements that are based on assumptions as of the date of this news release and are not purely historical including any information relating to statements regarding beliefs, plans, expectations or intentions regarding the future and often, but not always, use words or phrases such as "expects" or "does not expect", "is expected", "anticipates" or "does not anticipate", "plans", "estimates" or "intends", or stating that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to: general business, economic, competitive, political and social uncertainties; delay or failure to receive board, shareholder or regulatory approvals; the price of gold; and the results of current exploration. There can be no assurance that such statements will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. Gold Mountain disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

本新聞稿包括適用的加拿大證券立法規定的某些 “前瞻性陳述”,內容涉及債務清算的結束及其時間、私募的結束和時間、公司繼續作爲持續經營企業的能力、Hedge和Nhwelmen的預計所有權以及公司將要發行的股票的確切數量、債務和解對公司的影響及其結果,包括其將要發行的股份允許公司處理其重要工作資本短缺,爲公司提供運營資本,使其能夠作爲可行的持續經營企業向前發展,獲得監管部門和多倫多證券交易所的批准,取消所有擔保債務,取消未來的利息支付,使公司能夠重啓礦山,從而顯著改善公司的財務狀況。前瞻性陳述包括基於截至本新聞發佈之日的假設且不純粹是歷史陳述的陳述,包括與未來信念、計劃、期望或意圖有關的任何信息,通常(但並非總是如此)使用諸如 “期望” 或 “不期望”、“預期”、“預期” 或 “不預期”、“計劃”、“估計” 或 “打算” 之類的詞語或短語,或陳述某些行動, “可能”, “可能”, “將”, “可能”, “可以”, “可能”, “可以”, “可以”, “可以”, “可以”, “可以”, “可以”, “可以前瞻性陳述必然基於許多估計和假設,這些估計和假設雖然被認爲是合理的,但受已知和未知的風險、不確定性和其他因素的影響,這些因素可能導致實際結果和未來事件與此類前瞻性陳述所表達或暗示的結果和未來事件存在重大差異。這些因素包括但不限於:一般業務、經濟、競爭、政治和社會的不確定性;延遲或未能獲得董事會、股東或監管機構的批准;黃金價格;以及當前勘探的結果。無法保證此類陳述會被證明是準確的,因爲實際結果和未來事件可能與此類陳述中的預期存在重大差異。因此,讀者不應過分依賴前瞻性陳述。除非法律要求,否則Gold Mountain不打算或義務更新或修改任何前瞻性陳述,無論是由於新信息、未來事件還是其他原因。

The TSX has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this News Release.

多倫多證券交易所未對本新聞稿內容的充分性或準確性進行審查,也不承擔任何責任。

SOURCE: Gold Mountain Mining Corp

來源:金山礦業公司


譯文內容由第三人軟體翻譯。


以上內容僅用作資訊或教育之目的,不構成與富途相關的任何投資建議。富途竭力但無法保證上述全部內容的真實性、準確性和原創性。
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