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Smooth Rock Ventures Corp ( (TSE:SMRV) ) has shared an update.
Smooth Rock Ventures Corp. has entered into agreements with certain creditors to settle a total of $907,040 in outstanding debt tied to management, contractor and other obligations. The plan includes converting $400,000 of this debt into 3,809,524 common shares at a deemed price of $0.105 per share, with the remaining $507,040 to be cancelled, a move the board views as in the company’s best interests. The share-for-debt component, which involves participation by insiders and thus qualifies as a related-party transaction under Canadian securities rules, will rely on exemptions from formal valuation and minority approval requirements under MI 61-101 and remains subject to TSX Venture Exchange approval and a four-month hold period on the issued shares. The transaction is expected to strengthen Smooth Rock’s balance sheet and reduce financial liabilities as it advances its Nevada gold exploration assets.
More about Smooth Rock Ventures Corp
Smooth Rock Ventures Corp. is a U.S.-based, exploration-stage mineral company focused on the acquisition and exploration of properties in Nevada’s Walker Lane mineral belt. The company holds a 100% interest in the Palmetto Gold Project in Esmeralda County, comprising 116 unpatented mining claims over 2,217 acres, which hosts a NI 43-101 compliant mineral resource and has a history of exploration by several major and junior mining companies.
Average Trading Volume: 9,776
Technical Sentiment Signal: Sell
Current Market Cap: C$1.73M
For an in-depth examination of SMRV stock, go to TipRanks’ Overview page.