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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宣布依靠与债务结算和延期以及高达75万美元的私募发行相关的财务困难豁免
Accesswire ·  03/26 06:20

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

不用于分发给美国新闻通讯社或在美国传播

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").

不列颠哥伦比亚省温哥华/ACCESSWIRE/2024年3月25日/金山矿业公司(“金山” 或 “公司”)(多伦多证券交易所股票代码:GMTN)(OTCQB: GMTNF)(FRA: 5XFA)宣布,它已与两名有担保债权人就清算和推迟某些担保债务(“债务和解”)达成协议。有担保债权人是Nhwelmen Construction LP Ltd.(“Nhwelmen”),目前欠款7,784,850.71美元(“Nhwelmen有担保债务”)和Hedge Minerals Corp.(“Hedge”),后者目前欠款1,241,669.18美元(“对冲担保债务”)。

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).

根据2023年9月13日生效的贷款安排,Nhwelmen是该公司麋鹿金矿的合同矿工,Hedge是公司的正常贷款机构。Nhwelmen已同意接受公司的普通股以支付125万美元的Nhwelmen有担保债务,发行价格为每股0.0075美元(“发行价格”),其定价低于市场价格(最多向Nhwelmen发行166,666,667股普通股),Nhwelmen有担保债务的剩余金额将在24个月内以等额现金偿还从2024年4月开始,包括年利率为18%的利息。全部对冲担保债务将通过按发行价格发行公司普通股来偿还(最多向Hedge发行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.

该公司还与某些向公司提供关键服务的无担保供应商进行了接触,要求他们转换高达150万美元的无抵押债务,以清偿此类债务,以发行价支付公司的普通股,最高发行量为2亿股普通股。

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,公司很高兴地宣布,按发行价格进行公司资本中不超过1亿股普通股的非经纪私募配售(“私募配售”),向公司提供的总收益最高为75万美元,这相当于发行普通股后公司已发行和流通普通股的最高14.28%。发行的普通股受适用的转售限制,包括根据加拿大证券规则,自私募股结束之日起四个月零一天的持有期。私募受惯例成交条件的约束,包括多伦多证券交易所(“TSX”)的最终批准。私募的收益将用于扩大麋鹿金矿的运营,并用于营运资金和一般公司用途。公司的任何内部人士都不会参与私募配售。

Insider Participation

内部参与

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,没有任何债权人(直接或间接)拥有公司的任何证券。债务清算完成后(假设没有清算无抵押债务,在私募结束之前),Hedge将拥有公司39.38%的普通股(未摊薄),Nhwelmen将拥有公司39.65%的普通股(未摊薄)。假设所有150万美元的无抵押债务得到清偿,总收益为75万美元的私募股权结束,Hedge将拥有23.64%的股份,Nhwelmen将拥有23.80%的股份,无担保债权人将拥有公司28.60%的普通股,全部按未摊薄计算。由于这种所有权,就多伦多证券交易所公司手册而言,Nhwelmen和Hedge将成为公司的 “内部人士”,并根据多边文书61-101成为公司的 “关联方”- 在特殊交易中保护少数证券持有人 (“MI 61-101”)。视无担保债权人的参与情况而定,此类无担保债权人也可能成为 “内部人士” 和 “关联方”,一旦确定,公司将在未来的新闻稿中进行此类披露。债务和解将导致公司的控制权发生变化,因为Nhwelmen和Hedge都将成为公司的控制人,拥有当前已发行和未偿还的20%以上。公司预计,私募中的任何订阅者都不会成为公司的 “内部人士” 或 “关联方”。

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.

债务清算是密歇根州61-101所指的 “关联方交易”。但是,鉴于董事会和特别委员会已确定公司陷入严重财务困境,债务清算旨在改善公司的财务状况,公司依赖密歇根州61-101第5.5(g)节和第5.7(1)(e)节分别规定的MI 61-101正式估值和少数股权批准要求的豁免,其基础是其中的 “财务困难” 豁免。

Special Committee

特别委员会

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.

成立了公司董事会特别委员会(“特别委员会”),并对债务清算和相关事项的公平性进行了审议。特别委员会由两名独立董事组成。特别委员会已确定,在这种情况下,债务清算对公司来说是合理的,并建议公司继续进行债务清算。

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).

特别委员会仔细考虑了管理层近年来在探索改善公司财务状况的各种替代方案方面所做的努力,并考虑了是否有其他替代方案(例如各种公司交易、与第三方的并购交易、进入公共或私人债务或股票市场)。特别委员会得出结论,公司陷入严重的财务困境,与债务清算(和相关交易)相比,在商业上合理的条件下,没有更有可能改善公司财务状况的可行替代方案。

Financial Hardship Exemption

财务困难豁免

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.

由于债务和解将:(i)导致向Hedge and Nhwelmen发行的股票金额超过已发行普通股数量的25%,并对公司控制权产生重大影响(《多伦多证券交易所公司手册》第604(a)(i)条);(ii)将公司的市值稀释25%以上(《多伦多证券交易所公司手册》第607(g)(i)条);以及(iii)) 债务交易和私募中普通股的发行价格低于市场价格减去多伦多证券交易所公司最大适用折扣(第607(e)条)手动)、无私的股东批准和有关交易对价价值的独立报告是必要的。但是,该公司已向多伦多证券交易所申请 “财务困难” 豁免,以获得无私股东批准和独立估值报告的要求,理由是该公司陷入严重的财务困境,债务清算旨在改善公司的财务状况。该申请是根据特别委员会的建议提出的,不涉及债务清算中的任何利息,与此类交易的参与方(公司除外)无关,其依据是特别委员会认定,在这种情况下,债务清算对公司来说是合理的。

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

不确定债务清算的条款是否会被任何无抵押供应商所接受。

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

该公司预计,将在下次年会上向股东提出一项决议,批准股票合并。

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.

该公司的首席执行官胡伟业已被任命为公司董事会成员,立即生效。胡先生在2020年12月23日至2021年12月23日期间担任公司总裁,并自2023年7月10日起担任公司首席执行官。

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.

本新闻稿不构成卖出要约或征求买入要约,也不应在美国或任何其他司法管辖区出售证券,此类要约、招揽或出售是非法的。这些证券尚未根据《美国证券法》注册,如果没有注册或没有相应的注册要求豁免,则不得在美国发行或出售。

About Gold Mountain

关于金山

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是一家总部位于不列颠哥伦比亚省的黄金和白银生产、勘探和开发公司,专注于开发麋鹿金矿,该矿产矿位于不列颠哥伦比亚省中南部距梅里特57公里处。更多信息可在公司的新网站上获得,网址为。

For more information, please contact:

欲了解更多信息,请联系:

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

金山矿业公司
首席执行官 Ronald Woo
电子邮件:IR@gold-mountain.ca

Forward Looking Statements

前瞻性陈述

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.

本新闻稿包括适用的加拿大证券立法规定的某些 “前瞻性陈述”,内容涉及债务清算的结束及其时间、私募的结束和时间、公司继续作为持续经营企业的能力、Hedge和Nhwelmen的预计所有权以及公司将要发行的股票的确切数量、债务和解对公司的影响及其结果,包括其将要发行的股份允许公司处理其重要工作资本短缺,为公司提供运营资本,使其能够作为可行的持续经营企业向前发展,获得监管部门和多伦多证券交易所的批准,取消所有担保债务,取消未来的利息支付,使公司能够重启矿山,从而显著改善公司的财务状况。前瞻性陈述包括基于截至本新闻发布之日的假设且不纯粹是历史陈述的陈述,包括与未来信念、计划、期望或意图有关的任何信息,通常(但并非总是如此)使用诸如 “期望” 或 “不期望”、“预期”、“预期” 或 “不预期”、“计划”、“估计” 或 “打算” 之类的词语或短语,或陈述某些行动, “可能”, “可能”, “将”, “可能”, “可以”, “可能”, “可以”, “可以”, “可以”, “可以”, “可以”, “可以”, “可以前瞻性陈述必然基于许多估计和假设,这些估计和假设虽然被认为是合理的,但受已知和未知的风险、不确定性和其他因素的影响,这些因素可能导致实际结果和未来事件与此类前瞻性陈述所表达或暗示的结果和未来事件存在重大差异。这些因素包括但不限于:一般业务、经济、竞争、政治和社会的不确定性;延迟或未能获得董事会、股东或监管机构的批准;黄金价格;以及当前勘探的结果。无法保证此类陈述会被证明是准确的,因为实际结果和未来事件可能与此类陈述中的预期存在重大差异。因此,读者不应过分依赖前瞻性陈述。除非法律要求,否则Gold Mountain不打算或义务更新或修改任何前瞻性陈述,无论是由于新信息、未来事件还是其他原因。

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

多伦多证券交易所未对本新闻稿内容的充分性或准确性进行审查,也不承担任何责任。

SOURCE: Gold Mountain Mining Corp

来源:金山矿业公司


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