Pambili Updates Shares-for-debt Application
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Calgary, AB - TheNewswire - April 19, 2023 - Further to the press release issued on Feb. 9, 2023, Pambili Natural Resources Corporation ("Pambili" or the "Corporation") (TSX-V:PNN) announces an update to the amount of debt being converted to shares in the Corporation.
After an initial review of the application by the TSX Venture Exchange (TSX-V), the total amount of debt (including Extraordinary Debt) being converted to equity at $0.025 per share has been increased to C$932,925.85. Following final approval from the TSX, Pambili will issue 37,317,034 new shares in Pambili, bringing the total number of shares in issue to 259,534,446.
The proposed shares-for-debt transaction will facilitate the securing of investment required to fund the required due diligence on several potential gold assets being targeted in Zimbabwe.
Pambili further confirms that despite receiving shareholder approval for his appointment to the board, Mr. Simisani Kupe withdrew his nomination prior to the last Special Meeting of Shareholders (SGM). Accordingly, the Company is in discussion with several alternative candidates to fill the vacancy of a fourth director which was approved at the SGM.
About Pambili Natural Resources Corporation: Pambili Natural Resources Corporation is a natural resources exploration and development company (www.pambilinrc.com) currently active in Zimbabwe and in the province of Alberta.
For further information, contact:
Pambili Natural Resources Corporation
T: +1 403 277 4421
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.
Caution Regarding Forward-Looking Information Forward-looking statements - Certain information set forth in this news release may contain forward-looking statements that involve substantial known and unknown risks and uncertainties. Forward-looking statements are often, but not always, identified by words such as “believes”, “may”, “likely”, “plans”, or similar words. Forward- looking statements included in this news release include statements with respect to work to be done on the Happy Valley mine in Zimbabwe. These forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond the control of the Corporation, including, but not limited to the impact of general economic conditions, industry conditions, currency fluctuations, and dependence upon regulatory approvals. The Corporation does not assume any obligation to update the forward-looking statements to reflect changes in assumptions or circumstances other than as required by applicable law.