Vancouver, British Columbia – (August 2, 2019) – Bankers Cobalt Corp. (TSXV: BANC; FSE: BC2; OTCQB:NDENF) (the “Corporation” or “Bankers”) ”), announces that it has settled debt in the aggregate amount of CAD $224,092.50 owing to its consultants and insiders through the issuance of 4,481,850 common shares in the capital of the Company at a deemed price of $0.05 per common share (the “Shares”).
The issuance of the Shares has been approved by the TSX Venture Exchange and all Shares issued pursuant to the debt settlement are subject to a four-month statutory hold period that will expire on the date four months and one day from the date of issue.
The issuance of a portion of the Shares constitutes a Related Party Transaction within the meaning of Multilateral Instrument 61-101, as certain directors and officers of the Company received an aggregate of 2,050,000 Shares. Bankers 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 as the fair market value of the debt settlement insofar as it involves related parties, does not exceed 25 per cent of the market capitalization of the Company.
Bankers is a natural resource company with a primary focus on the acquisition, exploration, development and operation of cobalt and copper mineral projects in the DRC and Namibia. Bankers has also acquired an option on licenses covering 1,078 km² in Namibia with the potential for copper, cobalt and other metals. Bankers holds rights to nine mineral projects strategically located in the southern DRC CopperBelt. Bankers has the intention to acquire interests in additional concessions or relinquish concessions in the normal course of business. All DRC concessions were obtained as either new grants or through reputable DRC partners and have clean title. Bankers has an experienced management team operating in the southern CopperBelt of the DRC and Namibia.
ON BEHALF OF THE BOARD OF BANKERS COBALT CORP.
President & CEO.
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Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release contains “forward-looking information” within the meaning of applicable securities laws including statements relating to the Loan Agreement, the Loan Bonus Shares, regulatory approvals required in connection with Loan Agreement, the Loan, and Bonus Shares, the outlook of the business of the Corporation, the Corporation’s intention to acquire additional concession, the Corporation’s ability to explore and develop the concessions, the results of any development and exploration, the ability of the Corporation to meet standards for verifiable supply chain custody, and the Corporation’s status as a leader in the junior mining sector for cobalt and copper in the DRC. Although the Corporation believes considering the experience of its officers and directors, current conditions and expected future developments and other factors that have been considered appropriate, that the expectations reflected in this forward-looking information are reasonable, undue reliance should not be placed on them as the Corporation can give no assurance that they will prove to be correct. Actual results and developments may differ materially from those contemplated by these statements. The statements in this news release are made as of the date of this release. The Corporation undertakes no obligation to comment on analyses, expectations or statements made by third-parties in respect of the Corporation its securities, or its financial or operating results.