TinOne Resources Settles Debt with Equity

TINONE RESOURCES INC (TSE:TORC) has released an update.

TinOne Resources Inc. has announced a shares-for-debt transaction to address C$60,000 owed to a creditor by issuing 545,455 Common Shares at C$0.11 each. The deal, still pending regulatory approvals, is part of a larger debt settlement plan involving issuance of shares subject to a four-month hold period and is classified as a ‘related party transaction’. Additionally, the company corrected a previously stated conversion price for convertible debt financing from C$0.11 to C$0.145.

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