Pambili announces shares-for-debt application
CALGARY, Canada (Nov. 4, 2024)—In our news release issued on Sept. 9, 2024, Pambili Natural Resources Corporation ("Pambili" or the "Company.") (TSX-V: PNN) confirmed that at the AGM/SGM held on Sept. 6, 2024, it had obtained Disinterested Shareholder Approval to convert C$271,970 of Insider Debt to shares in the Company (“Shares”) at C$0.07 per share. Under the terms of the debt settlement agreement, each creditor will settle their debt at 50 cents on the dollar (the “Settlement”), which Settlement will be paid in Shares.
The Company is now seeking Settlement of up to a further C$324,690 from trade creditors on the same terms.
Accordingly, the Company announces that it has applied to the TSX Venture Exchange (the “Exchange”) to approve the conversion of a total of up to C$298,332 to Shares at C$0.07 per Share (the “Transaction”). Following approval from the Exchange, Pambili will issue 4,261,905 new shares in Pambili, bringing the total number of shares in issue to 59,060,263.
Under the terms of the Exchange, any Shares issued through the Transaction will be subject to a statutory four-month and one day hold.
Once approved by the Exchange, the Transaction will remove up to C$596,660 of debt from the balance sheet; this is expected to facilitate the securing of the additional investment required to develop the Company’s gold exploration and development projects in Zimbabwe.