BURLINGTON, ON, Aug. 19 /CNW/ - Silver Shield Resources ("Silver Shield" or the "Company") (TSX-V:SSR) has reached agreement with a number of Creditors for settlement of debt for shares, and will issue up to a total of 1,536,058 shares to settle up to $ 171,932.88 of debt, subject to TSX Venture exchange approval.
Debt of $ 103,327.12 to an insider (a director) will be settled for 1,000,000 common shares at $0.1035 per share. One consulting geologist, and four service providers with a combined debt of $28,605.70 will be settled for a total of 286,058 common shares at $0.10 per share. Debt to one property Vendor of $ 40,000 will be settled for a total of 250,000 common shares at $ 0.16 per share.
Management is pleased that all share for debt settlements have been obtained at a price well above current market for the company's shares, and takes this as a vote of confidence in the value of the Company, from the creditors
Management is also pleased that the settlement to the Property Vendor has completed the acquisition of a 100 % interest in the Wilder Silver Property, in the Elk Lake Silver Camp, of Ontario. This was one of the original properties of the Company, and Management continues to believe strongly in its silver potential and hopes to carry out further exploration later this year.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release.
SOURCE Silver Shield Resources Corp.
For further information: For further information: please visit www.silvershieldresources.com or contact: Silver Shield Resources Corp., Donald Shaxon, Manager of Corporate Development, (289) 838-5936; or Tim D. Towers, President and CEO, Tel: (289) 337-6162, Email: email@example.com