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Smooth Rock Ventures Corp ( (TSE:SMRV) ) has issued an update.
Smooth Rock Ventures Corp. has closed previously announced debt settlement transactions covering an aggregate of $907,040 owed to management, contractors, and other creditors, aiming to strengthen its balance sheet. The company converted $400,000 of this debt into 3,809,520 common shares at a deemed price of $0.105 per share and secured the cancellation of a further $507,040 in obligations.
The shares issued in the settlement are subject to a four-month hold period under securities laws and TSXV policies, and part of the issuance to insiders is classified as a related party transaction under MI 61-101. Smooth Rock relied on available exemptions from formal valuation and minority approval requirements, signaling a capital-structure cleanup that reduces liabilities while observing regulatory safeguards for minority shareholders.
More about Smooth Rock Ventures Corp
Smooth Rock Ventures Corp. is a U.S.-based exploration-stage mining company focused on acquiring and exploring mineral 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 and hosting an NI 43-101 compliant mineral resource estimate from prior exploration work.
Average Trading Volume: 16,538
Technical Sentiment Signal: Buy
Current Market Cap: C$4.01M
For detailed information about SMRV stock, go to TipRanks’ Stock Analysis page.