Mr. Faizaan Lalani reports
MEDARO MINING ANNOUNCES SHARES FOR DEBT SETTLEMENT
Medaro Mining Corp. has entered into a debt conversion agreement, dated Feb. 4, 2024, with certain creditors of the company to settle a debt of $297,682 owing to the creditors through the issuance to the creditors of an aggregate of 3,166,826 common shares at a price of 9.4 cents per share.
The debt settlement will not create a new control person nor are any insiders participating in the settlement. The company wishes to complete the shares for debt transaction to improve its financial position by reducing its existing liabilities.
The debt settlement transaction is subject to the approval of the Canadian Securities Exchange (CSE) and pursuant to the policies of the CSE, the shares are subject to a hold period of four months from the date of issuance.
About Medaro Mining Corp.
The company is an exploration company based in Vancouver, and holds options over the Darlin, Rapide, Lac La Motte and CYR South lithium properties in Quebec. The company owns the James Bay Pontax project in Quebec and the Superb Lake lithium property located in Thunder Bay, Ont. The company is a party to a joint venture agreement that engages the company in the development and commercialization of a new process to extract lithium from spodumene concentrate.
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