TORONTO, Aug. 17, 2018 (GLOBE NEWSWIRE) — Anconia Resources Corp. (TSXV: ARA) (the “Company”) is pleased to announce that the Company and certain creditors, have entered into agreements as of August 9, 2018 (the “Effective Date”) to settle $586,636.02 of indebtedness of the Company (the “Shares for Debt Transaction”) through conversion of such debt into common shares of the Company (the “Common Shares”). Pursuant to the Shares for Debt Transaction, the Company will issue 11,732,720 Common Shares, at a price of $0.05 per Common Share. On completion of the Shares for Debt Transaction, the Company will have 117,589,409 Common Shares issued and outstanding.
The directors and/or officers of Anconia, being Jason Brewster, Denis Clement, Harvey McKenzie, Jim Franklin, John Sadowski, and Mike Florence, have agreed to convert an aggregate amount of $243,750 into Common Shares. Upon completion of the Shares for Debt Transaction, the directors and/or officers of Anconia will hold, directly and indirectly, 21,854,916 Common Shares or 18.59% of the issued and outstanding Common Shares.
The Company reports that its board of directors has approved the Shares for Debt Transaction. Completion of the Shares for Debt Transactions is conditional upon obtaining TSX Venture Exchange approval.
Anconia is a base and precious metals exploration and development company, which is focused on providing shareholder value through the advancement of its properties in its portfolio. Anconia is undertaking comprehensive exploration programs to determine the potential of its current projects.
For further information regarding Anconia please contact:
President and CEO
Tel: (416) 815-9777
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 this release.