Tickers: XTSX:GX
Tags: Mining
Calgary, Alberta / TheNewswire / December 29, 2017. Guardian Exploration Inc. (TSXV: GX) (the "Corporation") announces that it has issued an aggregate of 50,062,862 common shares in the capital of the Corporation in order to retire $2,503,143.03 of indebtedness owing under previously provided loans. Of those shares, 47,681,860 were issued to companies wholly-owned by Graydon Kowal, the President, CEO and a director of the Corporation in order to settle an aggregate of $2,384,093.00 in loans made by Mr. Kowal through those companies. As a result of the debt settlement, Mr. Kowal now owns, directly and indirectly, and aggregate of 49,686,745.00 common shares in the capital of the Corporation, or 86.40% of the common shares of the Corporation now issued and outstanding.
The settlements of the debts with Mr. Kowal's companies are considered "Related Party Transactions" under Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions, however the Corporation will rely upon available exemptions from the minority shareholder approval and valuation requirements set forth in that Instrument.
All of the shares issued in connection with the debt settlement will be subject to a statutory four-month hold period in accordance with applicable securities laws.
Closing of debt settlement was subject to the approval from the TSX Venture Exchange, which was obtained today.
About Guardian Exploration Inc.
Guardian is a Calgary-based corporation engaged in the acquisition, exploration and development of resource properties. Common shares of the company trade on the TSX Venture Exchange under the trading symbol "GX".
FOR FURTHER INFORMATION, PLEASE CONTACT:
Graydon Kowal
President and CEO
(403) 730-6333
Trading in the securities of Guardian Exploration Inc. should be considered highly speculative. 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
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