Ares Strategic Mining Resolves Debt Through Share Issuance

Ares Strategic Mining Inc. has resolved a significant financial obligation by issuing shares to settle a debt. According to the company, it has agreed to settle US$1,000,000 (C$1,415,400) of outstanding debt related to mine and processing facility development through the issuance of 5,550,588 common shares at a deemed price of C$0.255 per share. The debt, originally owed to Provo Mining and Construction, Inc., was assigned to Roy Durr, who opted for settlement in shares as an investment in Ares.

This move is expected to reduce the company's liabilities while preserving cash for ongoing operations. James Walker, the Chief Executive Officer and President of Ares Strategic Mining Inc., stated that the settlement will help the company manage its financial obligations more effectively.

The settlement is part of Ares Strategic Mining Inc.'s ongoing efforts to streamline its financial structure and ensure sustainable operations.

The company's decision to settle the debt through share issuance is seen as a strategic move to balance its financial books and allocate resources more efficiently. With this resolution, Ares Strategic Mining Inc. aims to focus on advancing its mine and processing facility development projects, ensuring a stable and sustainable future for the company.