Carlyle Issues Shares For Debt And Announces Settlement
Date
9/12/2024 7:15:23 PM
(MENAFN- Newsfile Corp)
Vancouver, British Columbia--(Newsfile Corp. - September 12, 2024) - CARLYLE commodities CORP. (CSE: CCC) (FSE: BJ4) (OTC: CCCFF) (" Carlyle " or the " Company ") announces that, further to its news release dated September 5, 2024, it has issued 3,806,920 common shares (each, a " Share ") at a deemed price of $0.05 per Share to certain directors (the " Insiders ") of the Company and certain consultants of the Company as payment of debt in the aggregate amount of $190,346, to settle certain amounts owed by the Company for unpaid services.
Additional Debt Settlement
The Company also announces that it has agreed to issue an aggregate of 795,000 common shares at a deemed price of $0.05 per Share to a director of the Company and a consultant of the Company as payment of debt in the aggregate amount of $39,750 (the " Debt Settlement "), to settle certain amounts owed by the Company for unpaid services.
Accordingly, the portion of the Debt Settlement with the Insiders constitutes a "related party transaction" within the meaning of Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (" MI 61-101 "). The issuance of the Shares to the Insiders is exempt from the valuation requirement of MI 61-101 by virtue of the exemption contained in section 5.5(b) as the Company's Shares are not listed on a specified market and from the minority shareholder approval requirements of MI 61-101 by virtue of the exemption contained in Section 5.7(1)(a) as the value of the Shares being issued under the Debt Settlement do not exceed 25% of the Company's market capitalization.
All securities issued in connection with the Debt Settlement will be subject to a statutory hold period expiring four months and one day after the date of issuance, as set out in National Instrument 45‐102 – Resale of Securities.
About Carlyle
Carlyle is a mineral exploration company focused on the acquisition, exploration, and development of mineral resource properties. Carlyle owns 100% of the Newton Project in the Clinton Mining Division of B.C. and is listed on the Canadian Securities Exchange under the symbol "CCC", on the OTC Market under the ticker "CCCFF", and the Frankfurt Exchange under the ticker "BJ4".
ON BEHALF OF THE BOARD OF DIRECTORS OF
CARLYLE COMMODITIES CORP.
"Morgan Good"
Morgan Good
Chief Executive Officer
MENAFN12092024004218003983ID1108668987
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