VANCOUVER, BC / ACCESSWIRE / September 4, 2020 / United Battery Metals Corp. (CSE:UBM)(OTC PINK:UBMCF)(FWB:0UL) (“UBM” or the “Company“) announces today that it has settled an aggregate of $199,924.81 in indebtedness of the Company through the issuance of 807,777 common shares of the Company (the “Shares“) at a deemed value of $0.2475 per Share (the “Debt Settlement“).
All Shares are subject to a statutory four month hold period in accordance with applicable securities laws.
The participation in the Debt Settlement of Michael Dehn, Chief Executive Officer and a director of the Company, having received a portion, specifically 383,535 of the Shares, is considered a “related party transaction” pursuant to Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (“MI 61-101“). The Company is relying on exemptions from the formal valuation and minority approval requirements of MI 61-101 contained in sections 5.5(a) and 5.7(1)(a) of MI 61-101 on the basis that participation in the Debt Settlement by an insider did not exceed 25% of the fair market value of the Company’s market capitalization.
ON BEHALF OF THE BOARD OF DIRECTORS
Chief Executive Officer
For further information, please contact the Company at: (604) 428-9063.
The CSE does not accept responsibility for the adequacy or accuracy of this release.
SOURCE: United Battery Metals Corp.