Atlantic Industrial Announces Debt Settlement, Name Change and Consolidation


Bedford, Nova Scotia – (Newsfile Corp. – February 19, 2021) – Atlantic Industrial Minerals Incorporation (NEX: ANL.H) (the “Society“) is pleased to announce that it has agreed to settle and a total amount of $ 491,057.90 of debts owed to certain non-arm’s length and creditors by issuing a total of 9,821 158 ordinary shares (“Ordinary actions“) of the Company at a deemed price of $ 0.05 per Common Share (the”Debt settlement“). Of this amount, $ 205,000.00 of indebtedness relates to the provision for management fees and loans for a total of 4,100,000 common shares, which will be issued to the Chief Financial Officer and Director of the Society.

In addition, the Company is pleased to announce that it intends to change the name of the Company to “Sylla Gold Corp.” Canada Business Corporations Act (the “Name change“) and complete a consolidation of the ordinary shares in circulation in the capital of the Company on the basis of one (1) post-consolidation ordinary share for five (5) pre-consolidation ordinary shares (the”Consolidation“).

In addition, following the completion of the name change and consolidation, the Company intends to complete a non-brokered private placement of a maximum of 50,000,000 units (“Units“) at a price of $ 0.02 per Unit for gross proceeds of up to $ 1,000,000 (the”Offer“). After the Combination, each unit of the Company will be at a deemed price of $ 0.10 per unit. Each whole unit will consist of one common share and one-half common share purchase warrant of the Company (each entire warrant, a “To guarantee“). Each warrant will allow its holder to purchase one post-consolidation common share for a period of twelve (12) months after the closing date of the offering at an exercise price of $ 0.15 per common share. post-regrouping.

The name change, consolidation, offering and debt settlement remain subject to receipt of all necessary corporate and regulatory approvals, including NEX approval, and in the case of settlement of the debt. debt to the Chief Financial Officer and the Director of the Company, subject to receiving the approval of disinterested shareholders, which the Company will seek at the next meeting of shareholders of the Company. All securities issued in connection with the offering and settlement of the debt will be subject to a legal hold period of four months plus one day from the date of issue in accordance with applicable securities legislation.

Management is currently investigating transactions aimed at increasing shareholder value for our loyal shareholders.

The settlement of the debt will constitute a “related party transaction” as defined in Multilateral Instrument 61-101 – Protection of holders of minority securities in special transactions (“MI 61-101“), as an insider of the Company will be issued a total of 4,100,000 Common Shares. The Company avails itself of the exemptions from the formal assessment and minority shareholder approval requirements of NI 61-101 contained in the sections 5.5 (b) and 5.7 (1) (a) of NI 61-101 because the Company is not listed on a specified market and the fair market value of common shares issued to insiders in connection with the debt settlement does not exceed 25% of the Company’s market capitalization, as determined in accordance with NI 61-101. A material change report will be filed at least 21 days prior to the debt settlement closing date. This shorter period was reasonable and necessary in the circumstances, as it was necessary for the Company to complete debt settlement in order to immediately improve the Company’s financial position.

In addition, the Company is pleased to announce that under an option agreement (“Option agreement“) dated July 12, 2019 between the Company and Gregory Isenor, director and officer of the Company, Mr. Isenor exercised his option to acquire a 100% undivided interest in 33 mining claims comprising the Glencoe Carbonate property located in the county of Inverness, Nova Scotia (the “Goods“) for a total amount of $ 5,000 on February 11, 2021.

The Company received the approval of disinterested shareholders to sell all or substantially all of the property at its annual and special meeting held on August 16, 2019.

For more information please contact:

J. Francois Lalonde
Chief Executive Officer
Phone. : (905) 832-5555
Email: [email protected]

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.

This press release contains forward-looking information which does not consist of historical facts. Forward-looking information is characterized by words such as “plan”, “expect”, “plan”, “intend”, “believe”, “anticipate”, “estimate” and other similar words, or statements that certain events or conditions “” may “or” will “occur. Forward-looking information involves risks, uncertainties and other factors that could cause actual events, results and opportunities to differ materially. those expressed or implied by such forward-looking information. Factors that could cause actual results to differ materially from such forward-looking information include, without limitation, changes in the state of the stock and bond markets, fluctuations in commodity prices, delays in obtaining required regulatory or government approvals, and include those risks set out in the MD&A of the Company as filed under the Company profile at the address The forward-looking information contained in this press release is based on the opinions and assumptions of management believed to be reasonable as of the date hereof, including that all necessary government and regulatory approvals will be received as and when expected. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this press release are reasonable, such information should not be relied on unduly. The Company disclaims any intention or obligation to update or revise any forward-looking information, other than that required by applicable securities laws.

To view the source version of this press release, please visit

Source link


Leave A Reply