VANCOUVER, April 27, 2020 /CNW/ - Heatherdale Resources Ltd.
("Heatherdale" or the "Company") (TSXV: HTR) announces that
the Company has entered into a settlement agreement (the
"Settlement Agreement") with Sino-Canada Natural Resources Fund I
("Sino-Canada") resolving various outstanding issues with respect
to the CAD$3,000,000 convertible
debenture (the "Debenture") previously held by Sino-Canada, which
matured on December 31,
2016.
Pursuant to the Settlement Agreement, Heatherdale has agreed to settle the aggregate
amount of CAD$3,000,000 owing to
Sino-Canada (the "Debt Settlement") by issuing 6,000,000 common
shares of Heatherdale (the "Settlement Shares") to Sino-Canada. The
Settlement Shares will be issued at a deemed price of $0.50 per share. In connection with the Debt
Settlement, Heatherdale will also
cancel and return to treasury a prior void issuance of 3,000,000
common shares of the Company.
The Debt Settlement is being undertaken by the Company as part
of the Settlement Agreement to resolve the outstanding issues with
Sino-Canada and in order to preserve cash for its operations.
Completion of the Debt Settlement, including the issuance of the
Settlement Shares, is subject to satisfaction of the conditions set
forth in the Settlement Agreement, including approval of the TSX-V
Exchange (the "TSXV").
The Settlement Shares will be subject to a statutory hold period
of four months plus one day from the date of issuance, in
accordance with applicable securities legislation.
About Heatherdale
Heatherdale Resources Ltd. owns 100% of the Niblack
copper-gold-zinc-silver project in southeastern Alaska.
On behalf of the Board of Directors
David Copeland
Chairman
Neither the 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 Statements
This press release contains forward‐looking information that
involves various risks and uncertainties regarding future events.
Such forward‐looking information can include without limitation
statements based on current expectations involving a number of
risks and uncertainties and are not guarantees of future
performance of Heatherdale, such
as statements regarding the proposed shares for debt transaction
and TSXV approval thereof. There are numerous risks and
uncertainties that could cause actual results and Heatherdale's plans and objectives to differ
materially from those expressed in the forward‐looking information,
including: (i) adverse market conditions; (ii) the inability of
Heatherdale to close the shares
for debt transaction; or (iii) the TSXV not approving the shares
for debt transaction. Actual results and future events could differ
materially from those anticipated in such information. These and
all subsequent written and oral forward‐looking information are
based on estimates and opinions of management on the dates they are
made and are expressly qualified in their entirety by this notice.
Except as required by law, Heatherdale does not intend to update these
forward‐looking statements.
SOURCE Heatherdale Resources Limited