Stroud Resources Ltd. Announces Conversion of Debenture
14 September 2023 - 4:14PM
Stroud Resources Ltd. (TSXV: SDR) (“
Stroud” or
“
Company”) announces the maturity of its
convertible debenture issued on May 29, 2023. On maturity the
issuer was satisfied through the issuance of 6,000,000 units.
The Company has converted a debenture in the
amount of $600,000 with the issuance of 6,000,000 units. Each unit
comprises one common share and one common share purchase warrant,
with each warrant exercisable into one common share at a price of
$0.10 for a period of three (3) years from closing.
Eric Sprott, through 2176423 Ontario Ltd., a
corporation which is beneficially owned by him, acquired the units
following conversion of this debenture. Prior to the conversion,
Mr. Sprott beneficially owned 25,277,777 common shares representing
approximately 49.0% of the outstanding common shares on a
non-diluted basis. As a result of the conversion of the debenture
and consistent with 2176423 Ontario’s early warning report dated
May 30, 2023, Mr. Sprott beneficially owns 31,277,777 common shares
and 6,000,000 warrants of the Company representing approximately
54.3% of the outstanding common shares on an undiluted basis and
58.6% assuming exercise of such warrants.
The participation by 2176423 Ontario Ltd.
constitutes a “related party transaction” pursuant to Multilateral
Instrument 61-101 – Protection of Minority Security Holders in
Special Transactions (“MI 61-101”). The Company intends to rely on
the exemptions from the formal valuation and minority shareholder
approval requirements of MI 61-101 contained in Section 5.5(b) and
Section 5.7(1)(b) of MI 61-101, respectively, on the basis that the
Company is not listed on the specified markets and the fair market
value of the securities does not exceed $2,500,000.
All securities will be subject to a four-month
hold period from the original closing date of May 29, 2023.
Proceeds raised through the issue of Units will
be used for general working capital purposes.
About Stroud Resources
Ltd.Stroud Resources is a TSXV listed company (TSXV: SDR)
focused on the exploration and development of its Santo Domingo
epithermal silver project in central Mexico.
For more information, please
visit www.stroudsilver.com or contact Mirsad Jakubovic,
Chief Financial Officer, Stroud Resources Ltd., Tel:
1-416-888-8731, mirsad@cpamba.ca.
THE TSX VENTURE EXCHANGE HAS NOT
REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY
FOR THE ADEQUACY OR ACCURACY OF
THIS RELEASE.
The information contained herein contains
"forward-looking statements" within the meaning of
applicable securities legislation. Forward-looking statements
relate to information that is based on assumptions
of management, forecasts of future results, and estimates of
amounts not yet determinable. Any statements that express
predictions, expectations, beliefs, plans, projections, objectives,
assumptions or future events or performance are not statements of
historical fact and may be “forward-looking statements”.
Forward-looking statements are subject to a
variety of risks and uncertainties which could cause actual
events or results to differ from those reflected in the
forward-looking statements, including, without limitation, risks
and uncertainties relating to the interpretation of the drill
results, geology, grade and continuity of mineral
deposits.Should one or more of these risks and
uncertainties materialize, or should underlying assumptions prove
incorrect, actual results may vary materially from those
described in forward-looking statements. Investors are cautioned
against attributing undue certainty to forward-looking statements. These
forward-looking statements are made as of the date hereof and the
Company does not assume any obligation to update or revise them to
reflect new events or circumstances. Actual events or results could
differ materially from the Company’s expectations or
projections.
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