CALGARY, March 22, 2017 /CNW/ - Montana Exploration Corp.
("Montana" or the "Corporation") (TSXV:MTZ) is
pleased to announce that the Corporation has completed the
settlement agreements (the "Settlement Agreements") with
certain of its creditors, whereby the Corporation has issued common
shares of the Corporation at a deemed price of $0.195 per common share in full and final
settlement of the amounts owing to such creditors (the "Shares
for Debt Settlement"). Pursuant to the Settlement Agreements,
the Corporation settled an aggregate of $309,957.47 in indebtedness by issuing a total of
1,589,527 common shares to creditors. Ian Page, Vice President of Exploration of the
Corporation, settled $91,107.47 of
debt as part of the transaction.
The common shares issued pursuant to the Shares for Debt
Settlement represent 2.7% of the issued and outstanding common
shares of Corporation following the completion of the transaction.
All common shares issued in connection with the Shares for Debt
Transaction were approved by the TSX Venture Exchange and are
subject to a four-month statutory hold period, in accordance with
applicable securities legislation. The board and management
of the Corporation believe that the Shares for Debt Settlement is
in the best interests of Montana in order to move the Corporation
forward and reduce its working capital deficiency.
The Shares for Debt Settlement did not create a new control
person of the Corporation.
About Montana Exploration Corp.
Montana is a Canadian junior oil and gas exploration and
production company focusing on the and Shaunavon oil and Eagle gas opportunities
underlying its extensive land holdings in the state of Montana. In
the United States the company
operates through its wholly owned subsidiary, Montana Land & Exploration, Inc. Montana's
common shares are listed on the TSX Venture Exchange under the
trading symbol "MTZ". Additional information regarding Montana is
available under Montana's profile at www.sedar.com or at Montana's
website, www.montanaexplorationcorp.com.
Forward Looking Statements
This press release
contains statements that constitute "forward-looking information"
or "forward- looking" statements" (collectively "forward-looking
information") within the meaning of applicable securities
legislation. Forward-looking information is often, but not always,
identified by the use of words such as "anticipate", believe",
"expect", "plan", "intend", "forecast", "target", "project",
"guidance", "may", "will", "should" "could", "estimate", "predict"
or similar words suggesting future outcomes or language suggesting
an outlook. These forward-looking statements include, among other
things, statements relating to the debts to be settled under the
Shares for Debt Settlement, the price of the common shares to be
issued pursuant to such transaction and the ability of the
Corporation to execute on the Shares for Debt Settlement.
Forward-looking statements and information contained in this
press release are based on our current beliefs as well as
assumptions made by, and information currently available to, us.
Although we consider these assumptions to be reasonable based on
information currently available to us, they may prove to be
incorrect.
By their very nature, the forward-looking statements included in
this press release involve inherent risks and uncertainties, both
general and specific, and risks that predictions, forecasts,
projections and other forward-looking statements will not be
achieved. We caution readers not to place undue reliance on these
statements as a number of important factors could cause the actual
results to differ materially from the beliefs, plans, objectives,
expectations and anticipations, estimates and intentions expressed
in such forward-looking statements.
Furthermore, the forward- looking statements contained in this
press release are made as of the date of this document and we do
not undertake any obligation to update publicly or to revise any of
the included forward- looking statements, whether as a result of
new information, future events or otherwise, except as required by
applicable law. The forward-looking statements contained in this
press release are expressly qualified by this cautionary
statement.
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 Montana Exploration Corp.