- Canter Resources Corp. (OTC:CNRCF) has completed a debt settlement by issuing 2.2 million common shares at $0.07 per share.
- The debt settlement, totaling $154,000, was primarily with company insiders.
- The issued shares are subject to a four-month statutory hold period.
Canter Resources Corp. (OTC:CNRCF), a U.S.-focused critical mineral exploration company, has finalized its debt settlement by issuing 2.2 million common shares valued at $0.07 per share, effectively settling debts amounting to $154,000. This financial maneuver primarily involved the company's insiders.
The CEO of Canter Resources, Joness Lang, was allotted 1,450,000 shares, while CFO Alnesh Mohan received 392,857 shares, and Executive Chair Warwick Smith was issued 357,143 shares. The distribution of shares was structured to align with statutory requirements, being subject to a four-month hold period.
The transaction was classified as a related party transaction under Multilateral Instrument 61-101, which allowed Canter Resources to claim exemptions from formal valuation and minority shareholder approval due to the company's fair market value stipulation not exceeding $2,500,000.
Canter Resources Corp. specializes in advancing projects in the U.S., such as the Columbus Lithium-Boron Project in Nevada. The company employs a phased drilling approach to enhance its exploration and aims to support technology and clean energy supply chains in North America.
