VANCOUVER, BC, June 16, 2020 /CNW/ - Heatherdale Resources
Ltd. ("Heatherdale" or the "Company") (TSXV: HTR)
announces that, further to its news release dated June 3, 2020, the Company has closed its
previously announced debt settlement with certain arm's-length
third parties (the "Purchasers") pursuant to the term of a debt
assignment and settlement agreement dated June 3, 2020 among the Company, Hunter Dickinson
Services Inc. ("HDSI") and Blackwolf Copper and Gold Inc., as agent
on behalf of the Purchasers (the "Transaction"). Furthermore,
Robert McLeod, who is one of the
Purchasers, has been appointed Director and CEO of
Heatherdale. He replaces David J.
Copeland, who has stepped down from his position as
Executive Chairman, CEO and Director of the Company.
Robert Dickinson, Director of
Heatherdale commented, "On
behalf of everyone at the Company, we would like to thank
David Copeland for his commitment
and dedication towards the Company and advancing the Niblack
Project. We welcome Rob
McLeod, an experienced and enthusiastic exploration
geologist and Mining Executive to the Company as CEO of
Heatherdale."
Rob McLeod commented, "I am
thrilled for this opportunity to restart exploration at the
high-grade Niblack Project, with multiple compelling targets to
expand current resources and make new discoveries. The
excellent Project location on tidewater with modern underground
access, well-understood geology, excellent metallurgy and 5+ km of
prospective trend are key aspects of the Project. As we
advance Niblack, we will prioritize respectful consultation with
the residents of southeast Alaska,
including Haida, Tlingit and Tsimshian people. Additionally, we
will pursue accretive Corporate Development opportunities for the
Company. "
As outlined in its news release dated June 3, 2020, the Company has issued an aggregate
of 35,039,886 common shares at a deemed price of $0.0975 per common share to the Purchasers in
settlement of $3,416,390.15 of
outstanding debt previously owing to HDSI and $608,977.31 will be written off by the
Company.
All shares issued pursuant to the Transaction are subject to a
four-month and one-day hold period in addition to a two year escrow
release schedule.
Concurrent with Rob McLeod's
appointment, the Heatherdale Board
of Directors has approved the grant of 500,000 stock options (the
"Stock Options") to Mr. McLeod pursuant to the Company's stock
option plan (the "Stock Option Plan"). The Stock Options have
an exercise price of $0.16 will vest
quarterly over the next 24 months with a five year term in
accordance with the Stock Option Plan.
Early Warning Disclosure
As a result of the Transaction, Robert
McLeod acquired 8,759,974 common shares of the Company (the
"Settlement Shares") at a deemed price of $0.0975 per common share, representing
approximately 11.73% of the Company's 74,699,254 issued and
outstanding shares on an undiluted basis. The Settlement Shares
were issued to Mr. McLeod in settlement of $854,097.47 of outstanding debt previously owing
to HDSI. Prior to completion of the Transaction, Mr. McLeod did not
exercise control over any common shares of the Company.
Mr. McLeod intends to hold his common shares for investment
purposes. Although Mr. McLeod does not intend to acquire further
common shares of the Company at this time, he may choose to do so
as market conditions warrant. A copy of the early warning report
filed by Mr. McLeod, in accordance with applicable securities laws,
is available under the profile for the Company on SEDAR
(www.sedar.com). To obtain a copy of the early warning report, or
for any further information, please contact Investor Services at
604-684-6365.
About Heatherdale
Heatherdale Resources Ltd. owns 100% of the Niblack
copper-gold-zinc-silver project in southeastern Alaska. For
more information on Heatherdale,
visit the Company's website at www.heatherdaleresources.com or
contact Rob McLeod at (604)
617-0616.
On behalf of the Board of Directors
Rob McLeod
Director and CEO
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.
Cautionary Note Regarding Forward-Looking Statements:
This release includes certain statements and information that
may constitute forward-looking information within the meaning of
applicable Canadian securities laws. Forward-looking statements
relate to future events or future performance and reflect the
expectations or beliefs of management of the Company regarding
future events. Generally, forward-looking statements and
information can be identified by the use of forward-looking
terminology such as "intends" or "anticipates", or variations of
such words and phrases or statements that certain actions, events
or results "may", "could", "should", "would" or "occur". This
information and these statements, referred to herein as
"forward–looking statements", are not historical facts, are
made as of the date of this news release and include without
limitation, statements regarding future business plans.
These forward–looking statements involve numerous risks
and uncertainties and actual results might differ materially from
results suggested in any forward-looking statements. These risks
and uncertainties include, among other things, market volatility;
the state of the financial markets for the Company's securities;
and changes in the Company's business plans. In making the
forward looking statements in this news release, the Company has
applied several material assumptions that the Company believes are
reasonable, including without limitation, that the Company will
continue with its stated business objectives. Although management
of the Company has attempted to identify important factors that
could cause actual results to differ materially from those
contained in forward-looking statements or forward-looking
information, there may be other factors that cause results not to
be as anticipated, estimated or intended. There can be no assurance
that such statements will prove to be accurate, as actual results
and future events could differ materially from those anticipated in
such statements. Accordingly, readers should not place undue
reliance on forward-looking statements and forward-looking
information. Readers are cautioned that reliance on such
information may not be appropriate for other purposes. The Company
does not undertake to update any forward-looking statement,
forward-looking information or financial out-look that are
incorporated by reference herein, except in accordance with
applicable securities laws. We seek safe harbor.
For more information on the Company, investors should review the
Company's continuous disclosure filings that are available at
www.sedar.com.
SOURCE Heatherdale Resources Limited