Meryllion Resources Announces Shares-for-Debt Settlement

An update from Meryllion Resources ( (TSE:MYR) ) is now available.

Meryllion Resources Corporation, based in Vancouver, Canada, has announced a shares-for-debt transaction with Croesus Mining Pty Ltd to settle a $50,000 loan by issuing 2,500,000 common shares at $0.02 per share. This transaction is considered a related party transaction under MI 61-101, but Meryllion plans to use exemptions from certain requirements due to the transaction’s value being less than 25% of the company’s market capitalization. The completion of this settlement is pending regulatory approvals, including from the Canadian Securities Exchange, and the issued shares will have a hold period of four months and one day.

Spark’s Take on TSE:MYR Stock

According to Spark, TipRanks’ AI Analyst, TSE:MYR is a Underperform.

Meryllion Resources faces significant financial and operational challenges with no revenue and negative equity. The recent private placements provide a slight improvement in capital but do not offset the fundamental risks. The stock’s valuation is hindered by a negative P/E ratio, and technical analysis indicates a bearish trend.

To see Spark’s full report on TSE:MYR stock, click here.

More about Meryllion Resources

YTD Price Performance: 100.0%

Average Trading Volume: 20,171

Technical Sentiment Signal: Hold

Current Market Cap: C$845.7K

Learn more about MYR stock on TipRanks’ Stock Analysis page.