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Record Resources ( (TSE:REC) ) just unveiled an update.
Record Resources Inc. has entered into a debt settlement agreement with a former consultant to extinguish $300,000 in outstanding obligations through the issuance of 6,000,000 common shares at a deemed price of $0.05 per share. The shares-for-debt transaction, which remains subject to TSX Venture Exchange approval and will be subject to a four‑month‑plus‑one‑day hold period, is aimed at conserving cash as the company pursues its exploration plans and continues to streamline its balance sheet, reflecting an ongoing effort to improve financial flexibility without resorting to additional cash outlays.
More about Record Resources
Record Resources Inc., listed on the TSX Venture Exchange under the symbol REC, is an exploration-focused oil and natural gas company working to advance its exploration strategy while managing its capital structure and preserving cash resources.
Average Trading Volume: 445,043
Technical Sentiment Signal: Buy
Current Market Cap: C$7.42M
Find detailed analytics on REC stock on TipRanks’ Stock Analysis page.