SOURCE: Ironside Resources Inc.
June 07, 2016 12:05 ET
KELOWNA, BC–(Marketwired – June 07, 2016) – IRONSIDE RESOURCES INC. (TSX VENTURE: IRC) (the “Company”) has agreed to a comprehensive debt settlement package to eliminate its accrued liabilities to related parties by issuing shares for debt to the CEO and directors in the total amount of $379,000 (“Debt”).
In addition, the directors of the Company have approved a share consolidation on a 1 new for 3 old basis. The Company will issue the following post consolidated shares: RD Capital Inc. 1,518,518, Richard Matthews 637,037, Ross McElroy 1,274,074 for a total of 3,429,629 post consolidated shares. The shares to be issued will be subject a four month hold period.
The debt settlement will enable the Company to better pursue investment opportunities in both the resource and non-resource sectors.
IRONSIDE RESOURCES INC. Common Shares are listed on the TSX Venture Exchange under the symbol “IRC.”
ON BEHALF OF THE BOARD
Dev Randhawa, Chairman & CEO
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.