Cypress Hills Resource Corp. Announces Settlement of Debt and Closing of Private Placement Financing
February 06 2014 - 5:00PM
Marketwired
Cypress Hills Resource Corp. Announces Settlement of Debt and
Closing of Private Placement Financing
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Feb 6, 2014) -
Cypress Hills Resource Corp. (the "Company") (TSX-VENTURE:CHY) is
pleased to announce it has closed its previously announced
non-brokered private placement for $213,125 (the "Private
Placement") and the settlement of indebtedness to arm's length
parties and insiders.
Pursuant to the Private Placement, 1,894,444 common shares
("Shares") of Cypress were issued at a price of $0.1125 per Share
for proceeds of $213,125. The proceeds from the Private Placement
will be used initially to repay the Company's debt obligations and
for general corporate purposes.
In addition, the Company has issued 666,000 in settlement of
indebtedness to arms-length parties in the amount of $74,925 (the
"Debt Settlement") and has issued a total of 3,556,587 Common
Shares in settlement of $400,116 of indebtedness to insiders of the
Company at a price of $0.1125 per Common Share (the "Insider Debt
Settlement"). Of this amount, Ted Fostey, President and Chief
Executive Officer of the Company, and a company controlled by him,
received 2,217,244 shares. As a result, Mr. Fostey currently holds
directly and indirectly a total of 3,412,245 shares, representing
approximately 34.25% of the issued and outstanding share capital of
the Company. At a shareholders' meeting held on November 14, 2013,
the shareholders approved the Debt Settlement and Insider Debt
Settlement with Mr. Fostey.
The Common Shares issued under the Debt Settlement and the
Insider Debt Settlement are subject to a hold period of 4 months
pursuant to applicable securities laws and policies of the TSX
Venture Exchange expiring on June 4, 2014. The Private Placement is
also subject to a hold period of 4 months pursuant to applicable
securities laws and policies of the TSX Venture Exchange expiring
on June 7, 2014. The above transactions are subject to the receipt
of applicable final regulatory approvals.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
FORWARD-LOOKING
INFORMATION
Certain information set forth in this news release contains
forward-looking statements and information ("forward-looking
statements"). More particularly, this news release contains
statements concerning the closing of the Private Placement, the
Debt Settlement and the Insider Debt Settlement based on the
assumption that they will be granted final approval by the TSX
Venture Exchange. By their nature, forward-looking statement s are
subject to numerous risks and uncertainties, some of which are
beyond the Company's control, including the impact of general
economic conditions, industry conditions, volatility of commodity
prices, currency fluctuations, imprecision of reserve estimates,
environmental risks, competition from other industry participants,
the lack of availability of qualified personnel or management,
stock market volatility and ability to access sufficient capital
from internal and external sources. Readers are cautioned that the
assumptions used in the preparation of such information, although
considered reasonable at the time of preparation, may prove to be
imprecise and, as such, undue reliance should not be placed on
forward-looking statements. The Company's actual results,
performance or achievement could differ materially from those
expressed in, or implied by, these forward-looking statements and,
accordingly, no assurance can be given that any of the events
anticipated by the forward-looking statements will transpire or
occur, or if any of them do so what benefits the Company will
derive therefrom. Furthermore, the forward-looking statements
contained in this document are made as of the date of this document
and, except as required by applicable law, the Company does not
undertake any obligation to publicly update or to revise any of the
included forward-looking statements, whether as a result of new
information, future events or otherwise. The forward-looking
statements contained in this document are expressly qualified by
this cautionary statement.
Cypress Hills Resource Corp.Ted J. FosteyPresident and Chief
Executive Officer(403) 265-7663
Cypress Hills Resource (TSXV:CHY)
Historical Stock Chart
From Dec 2024 to Jan 2025
Cypress Hills Resource (TSXV:CHY)
Historical Stock Chart
From Jan 2024 to Jan 2025
