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CALGARY, Canada – TheNewswire – Nov. 4, 2024 — In our news release issued on Sept. 9, 2024, Pambili Natural Resources Corporation (“Pambili” or the “Company.”) (TSX-V: PNN) confirmed that at the AGM/SGM held on Sept. 6, 2024, it had obtained Disinterested Shareholder Approval to convert C$271,970 of Insider Debt to shares in the Company (“Shares”) at C$0.07 per share. Under the terms of the debt settlement agreement, each creditor will settle their debt at 50 cents on the dollar (the “Settlement”), which Settlement will be paid in Shares.
The Company is now seeking Settlement of up to a further C$324,690 from trade creditors on the same terms.
Accordingly, the Company announces that it has applied to the TSX Venture Exchange (the “Exchange”) to approve the conversion of a total of up to C$298,332 to Shares at C$0.07 per Share (the “Transaction”). Following approval from the Exchange, Pambili will issue 4,261,905 new shares in Pambili, bringing the total number of shares in issue to 59,060,263.
Under the terms of the Exchange, any Shares issued through the Transaction will be subject to a statutory four-month and one day hold.
Once approved by the Exchange, the Transaction will remove up to C$596,660 of debt from the balance sheet; this is expected to facilitate the securing of the additional investment required to develop the Company’s gold exploration and development projects in Zimbabwe.
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=-09i0- 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.
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