Toronto, Ontario, August 4, 2020 – Golden Share Resources Corporation (the “Company” or “Golden Share” – TSXV:GSH) announces the settlement of accounts payable to one insider of the Company (the “Insider”) for an aggregate amount of $143,000.00 (the "Insider Debt Settlement"), in consideration for the issuance of an aggregate of 715,000 Shares (deemed price of C$0.20 per Share). The Company’s Board is of the view that this Insider Debt Settlement is an appropriate means of compensation, as well as an effective means of preserving the treasury.
The Insider Debt Settlement is considered a "related party transaction" as defined under Multilateral Instrument 61-101 ("MI 61-101"). The Insider Debt Settlement will be exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 as its securities are not listed on any stock exchange identified at section 5.5(b) of MI 61-101 and neither the fair market value of the Common Shares to be issued to the Insiders, nor the fair market value of the services provided by them, exceeds 25% of the Company's market capitalization. The Insider Debt Settlement and Settlement is subject to the approval of the TSX Venture Exchange. The securities issued will be subject to a hold period of four months and a day.
About Golden Share
Golden Share Resources Corporation is a junior natural resource company focusing on mineral exploration in the province of Ontario, Canada, a mineral rich and politically stable jurisdiction.
WARNING: Certain statements in this press release may be forward-looking, including those with respect to the timing and content of share distribution, etc. Forward-looking statements address future events and conditions and therefore involve inherent risks, uncertainties and assumptions. Actual results may differ materially from those currently anticipated in such statements. The Company relies upon litigation protection for forward-looking statements. The reader is warned against undue reliance on these forward-looking statements.
Neither 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.
For more information, please visit www.goldenshare.ca or contact:
Golden Share Resources Corporation
Nick Zeng, President & CEO