ROUYN-NORANDA, QC,
Feb. 10, 2017 /CNW Telbec/ - Fieldex Exploration Inc.
(TSXV: FLX) (Frankfurt: F7E) announces that it proposes to
issue an aggregate of 1,330,780 common shares in settlement of
debts in an aggregate amount of $133,078 (the "Debt Settlements"). The debts
resulted from exploration services provided by two creditors of
Fieldex. Fieldex also proposes to issue 258,690 common shares
in settlement of a debt in an amount of $25,869 for unpaid rent to a company (the
"Landlord") in which certain insiders of Fieldex have an interest
(the "Insider Debt Settlement").
The Insider Debt Settlement is considered a "related party
transaction" as defined under Multilateral Instrument 61-101 -
Protection of Minority Security Holders in Special Transactions
("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 in Section 5.5(b) of MI 61-101 and
neither the fair market value of the common shares to be issued to
the Landlord, nor the fair market value of the services provided by
the Landlord, exceeds 25% of Fieldex's market capitalization.
The common shares to be issued pursuant to the Debt Settlements
and the Insider Debt Settlement will be issued at a deemed price of
$0.10 per share and will be subject
to a four-month hold period pursuant to applicable securities
legislation and the policies of the TSX Venture Exchange.
The Board of Directors and Management of Fieldex believe that
the proposed settlement of debts by the issuance of common shares
is in the best interests of Fieldex as it allows it to preserve its
cash position.
The Debt Settlements and the Insider Debt Settlement are subject
to regulatory approval, including that of the TSX Venture
Exchange.
About Fieldex
Fieldex is a mineral resource company actively exploring in
Québec. As of the date hereof, Fieldex has 10,328,553 common shares
issued and outstanding.
Forward-Looking Statements
This news release contains statements that may constitute
"forward-looking information" within the meaning of applicable
Canadian securities legislation. Forward-looking information may
include, among others, statements regarding the future plans,
costs, objectives or performance of Fieldex, or the assumptions
underlying any of the foregoing. In this news release, words such
as "may", "would", "could", "will", "likely", "believe", "expect",
"anticipate", "intend", "plan", "estimate" and similar words and
the negative form thereof are used to identify forward-looking
statements. Forward-looking statements should not be read as
guarantees of future performance or results, and will not
necessarily be accurate indications of whether, or the times at or
by which, such future performance will be achieved. No assurance
can be given that any events anticipated by the forward-looking
information will transpire or occur, including the settlement of
certain debts by the issuance of securities. Forward-looking
information is based on information available at the time and/or
management's good-faith belief with respect to future events and
are subject to known or unknown risks, uncertainties, assumptions
and other unpredictable factors, many of which are beyond Fieldex's
control. These risks, uncertainties and assumptions include, but
are not limited to, those described under "Financial Risk
Management Objectives and Policies" and "Risks and Uncertainties"
in Fieldex's Annual Report for the fiscal year ended
December 31, 2015, a copy of which is available on SEDAR
at www.sedar.com, and could cause actual events or results
to differ materially from those projected in any forward-looking
statements. Fieldex does not intend, nor does Fieldex undertake any
obligation, to update or revise any forward-looking information
contained in this news release to reflect subsequent information,
events or circumstances or otherwise, except if required by
applicable laws.
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 the release.
SOURCE FIELDEX EXPLORATION INC.