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The latest announcement is out from Millennium Silver Corp ( (TSE:MSC) ).
Millennium Silver Corp. has entered into shares-for-debt agreements to settle $337,622 owed to various creditors by issuing 22,508,132 common shares at a deemed price of $0.015 per share. The transaction, which includes amounts owed to current and former directors, officers, a firm associated with the CFO, and a family trust related to the former CEO, is designed to preserve cash for working capital and is subject to TSX Venture Exchange approval and a four-month hold period on the new shares. As insiders are participating, the deal is classified as a related-party transaction under MI 61-101, but the company is relying on exemptions from valuation and minority approval requirements because the fair market value involved is less than 25% of its market capitalization, a determination supported by its independent directors.
More about Millennium Silver Corp
Millennium Silver Corp. is a Vancouver-based mineral exploration company focused on the exploration and development of its projects in Nevada. The company’s common shares trade on the TSX Venture Exchange under the symbol MSC, positioning it within the junior mining and resource exploration sector.
Average Trading Volume: 477,406
Technical Sentiment Signal: Buy
Current Market Cap: C$4.43M
For an in-depth examination of MSC stock, go to TipRanks’ Overview page.