TSX Venture Symbol: COR
VANCOUVER, March 7, 2017 /CNW/ - Camino Minerals Corporation ("Camino" or the "Company") (COR: TSX-V) announces that it has entered into a debt settlement agreement (the "Agreement") with Ken McNaughton, the President and CEO, a creditor of the Company, pursuant to which the Company has agreed to issue an aggregate of 1,500,000 common shares (the "Shares") at a deemed price of $0.34 per share. The amount of indebtedness settled by the Agreement is $510,500 which represents the funds loaned by Mr. McNaughton to the Company. The Company chose to settle the debt with Shares in order to preserve its cash for operations.
The Shares will be subject to the approval of the TSX Venture Exchange (the "Exchange") and will also be subject to a four month hold period. The Shares will be issued upon receipt of Exchange approval.
About Camino Minerals Corporation
Camino is a discovery-oriented mineral exploration company. The Company is focused on the acquisition and development of high grade copper and precious metal projects. For more information, please refer to Camino's website at www.caminominerals.com
Cautionary Note Regarding Forward-Looking Statements and Information
This News Release contains "forward-looking information" and "forward looking statements" within the meaning of applicable Canadian and United States securities legislation. Statements contained herein that are not based on historical or current fact, including without limitation statements containing the words "anticipates," "believes," "may," "continues," "estimates," "expects," and "will" and words of similar import, constitute "forward-looking statements" within the meaning of the U.S. Private Securities Litigation Reform Act of 1995.
Forward-looking information may include, but is not limited to, information with respect to our planned exploration activities, the adequacy of our financial resources, the estimation of mineral reserves and resources, the results of future exploration and drilling. Wherever possible, words such as "plans", "expects", "projects", "assumes", "budget", "strategy", "scheduled", "estimates", "forecasts", "anticipates", "believes", "intends", "targets" and similar expressions or statements that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved, or the negative forms of any of these terms and similar expressions, have been used to identify forward-looking statements and information.
Forward-looking information is subject to a variety of known and unknown risks, uncertainties and other factors that could cause actual events or results to differ from those expressed or implied by the forward-looking information, including, without limitation, those risks identified in the Company's annual disclosure materials, filed with the securities regulatory authorities in Canada and available at www.sedar.com. Readers are encouraged to read these materials. Prospective investors should not place undue reliance on forward-looking information.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE Camino Minerals Corporation
For further information: Ken McNaughton, President and Chief Executive Officer, Phone (604) 566-8778, [email protected], http://www.caminominerals.com