Vancouver, British Columbia – (June 21, 2019) – Bankers Cobalt Corp. (TSXV: BANC; FSE: BC2; OTCQB:NDENF) (the “Corporation” or “Bankers”) ”), is pleased to announce stock option grants, debt settlement and share grants.
Bankers announces that it has agreed to settle $226,592.50 of debt owing to its consultants,creditors and insiders by issuing 4,531,850 common shares in the capital of the Corporation at a deemed price of $0.05 per Share (the “Shares”). No warrants will be issued in connection with the
The debt settlement transaction is subject to the approval of the TSX Venture Exchange and all Shares issued pursuant to the debt settlements will be subject to a four-month statutory hold period. The debt settlement will not create a new control person.
The Corporation believes it is in the best interest of its shareholders to reduce the amount of indebtedness to improve its financial position.
The issuance of portion of the Shares constitutes a Related Party Transaction within the meaning of Multilateral Instrument 61-101, as directors and officers of the Corporation will receive an
aggregate of 2,050,000 Shares. All the directors of the Corporation without a material interest in the debt settlement, acting in good faith, considered the debt settlement and have determined that the value of the consideration received by Bankers is fair and reasonable. 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 Bankers.
The Corporation also announces the grant of 5,475,000 incentive stock options (the “Stock Options”) to certain of its directors, officers, consultants and employees pursuant to the Corporation’s Stock Option Plan. The options are exercisable for a period of five years at a price
of CAD$0.05 per share.
The Corporation proposes to grant 1,500,000 shares (the “Granted Shares”) to certain of its directors and officers. The Granted Shares will be issued in accordance with consulting services agreements as compensation to induce certain directors and officers to join or continue with the Corporation.
The issuance of the Granted Shares is subject to the approval of the TSX Venture Exchange.
Bankers is a natural resource company with a primary focus on the acquisition, exploration and development of cobalt and copper mineral properties in the DRC to world-class Canadian standards. Bankers has acquired an option on a 135 km² license in Namibia with the potential for copper, cobalt and other metals. As battery production for EV’s surges, demand for cobalt will probably exceed supply for many years. According to a recent report by Transparency Market Research, global sales of lithium-ion batteries are expected to reach US$70B by 2024, for a compound growth rate of 11.6% over the years beginning in 2016. Bankers holds rights to 26 separate mineral concessions strategically located in the southern DRC Copperbelt and having a total area of more than 391 km². Bankers has the intention to acquire interests in additional concessions. All concessions were obtained as either new grants or through reputable DRC partners and have clean title with no government involvement, making Bankers one of the few, and perhaps only, junior public mining company in the DRC to have 26 concessions capable of being currently explored. Bankers has an experienced operations team operating in the southern CopperBelt. Bankers believes it is the front runner in advancing cobalt and copper exploration by a junior mining company in the DRC.
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.