TSX Venture Exchange: ADY
FSE: 701GR
/NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO U.S.
NEWSWIRE SERVICES./
PORT
MORESBY, Papua New Guinea, Jan. 19,
2024 /CNW/ - Adyton Resources
Corporation (TSXV: ADY) ("Adyton" or the "Company")
announces that it has agreed to settle a total of C$181,524.72 of accrued liabilities for
directors' and management fees owed to former and current directors
of the Company and the Company's Chief Executive Officer and Chief
Financial Officer for the year ended December 31, 2023. The Company will settle the
debt by issuing a total of 12,101,648 common shares of the Company
at a price of C$0.015 per share to
these individuals.
The board of directors and management of the Company believe
that the proposed shares for debt transaction is in the best
interests of the Company because it allows the Company to preserve
its funds for operations.
The debt settlement is subject to TSX Venture Exchange
approval.
The settlement shares will be subject to a statutory four-month
hold period from the date of issuance.
The debt settlement with each of the current directors and the
Chief Executive Officer and Chief Financial Officer will be a
"related party transaction" under Policy 5.9 of the TSX Venture
Exchange and Multilateral Instrument 61-101 – Protection of
Minority Security Holders in Special Transactions ("MI
61-101"). The debt settlement with each of these individuals is
exempt from the minority approval and formal valuation requirements
of MI 61-101 pursuant to subsections 5.5(a) and 5.7(1)(a) of MI
61-101 as neither the fair market value of the debt, nor the fair
market value of the shares to be issued in settlement of the debt,
exceeds 25% of the Company's market capitalization.
ON BEHALF OF THE BOARD OF ADYTON RESOURCES
CORPORATION
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 press release.
ABOUT ADYTON RESOURCES
CORPORATION
Adyton Resources Corporation is focused on the development of
gold and copper resources in world class mineral jurisdictions. It
currently has a portfolio of highly prospective mineral exploration
projects in Papua New Guinea on
which it is exploring for copper and gold. The Company's mineral
exploration projects are located on the Pacific Ring of Fire which
hosts several world class copper and gold deposits.
For more information about Adyton and its projects, visit
www.adytonresources.com.
DISCLAIMER & FORWARD-LOOKING
STATEMENTS
This press release may include "forward-looking statements",
including forecasts, estimates, expectations, and objectives for
future operations that are subject to several assumptions, risks,
and uncertainties, many of which are beyond the control of Adyton.
Forward looking statements and information can generally be
identified by the use of forward-looking terminology such as "may",
"will", "should", "expect", "intend", "estimate", "anticipate",
"believe", "continue", "plans" or similar terminology. The
forward-looking information contained herein is provided for the
purpose of assisting readers in understanding management's current
expectations and plans relating to the future. Readers are
cautioned that such information may not be appropriate for other
purposes. Forward-looking information are based on management of
the parties' reasonable assumptions, estimates, expectations,
analyses and opinions, which are based on such management's
experience and perception of trends, current conditions and
expected developments, and other factors that management believes
are relevant and reasonable in the circumstances, but which may
prove to be incorrect. Such factors, among other things, include:
impacts arising from the global disruption caused by the Covid-19
coronavirus outbreak, changes in general macroeconomic conditions;
changes in securities markets; changes in the price of gold or
certain other commodities; change in national and local government,
legislation, taxation, controls, regulations and political or
economic developments; risks and hazards associated with the
business of mineral exploration, development and mining (including
environmental hazards, industrial accidents, unusual or unexpected
formations pressures, cave-ins and flooding); discrepancies between
actual and estimated metallurgical recoveries; inability to obtain
adequate insurance to cover risks and hazards; the presence of laws
and regulations that may impose restrictions on mining; employee
relations; relationships with and claims by local communities and
indigenous populations; availability of and changes in the costs
associated with mining inputs and labour; the speculative nature of
mineral exploration and development (including the risks of
obtaining necessary licenses, permits and approvals from government
authorities); and title to properties. Investors are cautioned that
any such statements are not guarantees of future performance and
that actual results or developments may differ materially from
those projected in the forward-looking statements. Such
forward-looking information represents management's best judgment
based on information currently available. No forward-looking
statement can be guaranteed, and actual future results may vary
materially. Readers are cautioned not to place undue reliance on
forward looking statements or information. Adyton Resources
Corporation undertakes no obligation to update forward-looking
information except as required by applicable law.
SOURCE Adyton Resources Corporation