Following comments received from the TSX Venture Exchange, Goldbank Mining Corporation (“Goldbank”)(TSX.V-GLB) has revised the deemed price of its previously announced settlement of $520,800.00 in debt through the issuance of shares to one corporate creditor owned and controlled by a director from $0.12 per share to $0.135 per share. Goldbank has issued 3,857,777 common shares in its capital to settle the $520,800.00 in debt which shares are restricted from trading until January 16, 2018. The shares for debt transaction has been accepted for filing by the TSX Venture Exchange.
The debt settlement through the issuance of 3,857,777 common shares to an insider of Goldbank constitutes a related party transaction within the meaning of TSX Venture Exchange Policy 5.9 and Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions (“MI 61-101”). Goldbank is relying on the exemptions contained in sections 5.5(a) and section 5.7(1)(a) as the fair market value of the transaction with the insider does not exceed 25 per cent of the market capitalization of Goldbank, as determined in accordance with MI 61-101. Goldbank’s board of directors and specifically the independent members of the board, as applicable, carefully reviewed and approved the debt settlement with the insider. Goldbank did not file a material change report in respect of the related party transaction at least 21 days before closing of the debt settlement as the date of closing was not previously known.
Goldbank Mining Corporation is a Canadian exploration company actively exploring for gold in the Klondike Goldfields near Dawson City, Yukon Canada on its 100% owned Leota Gold Project which comprises 1046 quartz hard rock claims.
For further information please e-mail jb@goldbankmining.com.
GOLDBANK MINING CORPORATION
PER: “Luis Botto” Suite 702 – 889 West Pender Street
Vancouver, BC CANADA V6C 3B2
LUIS BOTTO
Telephone: 604.683.3288
Director Toll Free: 1.888.880.2288 Email: jb@goldbankmining.com
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or the accuracy of this release. Cautionary Note to US Investors: This news release may contain information about adjacent properties on which we have no right to explore or mine. We advise U.S. investors that the SEC's mining guidelines strictly prohibit information of this type in documents filed with the SEC. U.S. investors are cautioned that mineral deposits on adjacent properties are not indicative of mineral deposits on our properties. This news release may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements.