VICTORIA, BC, Feb. 4, 2022 /CNW/ - Cosigo Resources Ltd.
("Cosigo" or the "Company") (TSXV: CSG.H) (NEX: CSG.H) announces
revocation of cease trade order on February
1, 2022 upon satisfying the previously pending financial
disclosure requirements of the British Columbia Securities
Commission and the Alberta Securities Commission, the two
jurisdictions the Company is under continuous disclosure reporting
requirements to.
Corporate Update
Debt Conversion
Cosigo was granted a partial lifting of the CTO issued on
January 22, 2021 for purposes of
issuance of debt conversion units related to shareholder loans
provided by certain shareholders in order to ensure the survival of
the Company while the Company was being re-constituted in
accordance with instructions from regulatory authorities. The
debt conversion was structured in compliance with accredited
investor exemptions in section 2.3 of National Instrument 45-106
Prospectus Exemptions (NI45-106), and family, friends and business
associates exemption in section 2.5 of that instrument. Funds
were employed for legal fees, auditors and consultants fees, title
maintenance fees, transfer agent and listing fees, bookkeeping, and
general working capital.
The debt conversion units were issued at a deemed price of
$0.05 and comprised one common share
and one warrant exercisable at $0.06
for one share for a period of 12 months from the date of issuance,
July 15, 2021. The amount of
converted loans was CAD$292,099.45.
The share for debt conversion was filed with the Toronto Stock
Exchange, Venture Section, on September 1,
2021, and will become effective when reviewed and
accepted.
Corporate Appointments
The Company, effective August 17,
2021, appointed Ian Gibson of
Vancouver, B. C., Canada, as an Independent Director to its
Board of Directors to fulfill independent requirements per TSX-V,
NEX Policy 3.1(a). Mr. Gibson is a Vancouver-based international businessman with
a history of working with junior and senior resource companies and
strengthens the financial capacity of the Company.
The Company, effective September 9,
2021, appointed Greg Jackson,
CPA, CMA, to the position of Chief Financial Officer. Mr.
Jackson has close to 20 years of financial and accounting
functions, chiefly in the mining industry, including 8 years with a
world-leader in nickel and cobalt mining and refining.
Reinstatement
Because the Company's prior Annual General Meeting was held on
May 1, 2018, the Company was
deficient with regards to TSX-V Policy 3.2 (4.1) AGM
Requirements. Following circulation of Notice on August 17, 2021, the Company duly held an AGM on
October 12, 2021, and is now in
compliance with Policy 3.2(4.1).
The Company has now received full revocation of the CTO but
trading can only be resumed following reinstatement review by the
TSX-V exchange.
About Cosigo
Cosigo Resources Ltd. is a British
Columbia-based resource company with mineral interests in
Colombia, Brazil, USA
and Canada. The Company has assembled a strong technical team
of professionals, well experienced in mineral exploration, mining,
and resource finance with the objective of advancing its
properties, initially to pre-feasibility status and ultimately, in
partnership with one or more mining companies, to mine status.
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 of the adequacy or
accuracy of this release.
Forward Looking Statements
This news release includes certain forward-looking statements or
information. There can be no assurance that such statements will
prove to be accurate and actual results and future events could
differ materially from those anticipated in such statements.
Important factors that could cause actual results to differ
materially from the Company's plans or expectations include
regulatory issues, market prices, availability of capital and
financing, general economic, market or business conditions,
timeliness of government or regulatory approvals, The Company
disclaims any intention or obligation to update or revise any
forward-looking statements whether because of new information,
future events or otherwise, except as otherwise required by
applicable securities legislation.
SOURCE Cosigo Resources Ltd.