Pacific Imperial Mines Completes Debt Settlement with CEO
News related to:Pacific Imperial Mines Inc · 1 min read
Pacific Imperial Mines Inc, a mineral exploration company based in Vancouver, Canada, has completed a significant debt settlement with its CEO and a director. The settlement, which closed on September 11, 2026, involved the issuance of 9,953,772 common shares of the company to Chris McLeod and Peter Holbek, collectively referred to as the Creditors. The total debt settled amounted to $149,306.59.
The shares issued to the Creditors are subject to a hold period that will expire on January 12, 2027, in accordance with applicable securities laws and the policies of the TSX Venture Exchange. Prior to the settlement, Chris McLeod, who is also the CEO and a director, held 8,250,000 common shares and 1,500,000 stock options, representing approximately 9.97% of the issued and outstanding common shares on a non-diluted basis. After the settlement, his shareholding increased to 16,272,041 common shares and 1,500,000 stock options, totaling approximately 17.55% of the issued and outstanding common shares on a non-diluted basis.
McLeod's increased ownership and control over the company's securities triggered the requirement to file an early warning report. According to the report, McLeod has no present intention to dispose of or acquire further securities of the company. However, he reserves the right to engage in similar transactions in the future, depending on market conditions, the business and prospects of the company, and other relevant factors.
The debt settlement is part of Pacific Imperial's ongoing efforts to manage its financial obligations and strengthen its capital structure. The company's current focus remains on the exploration and development of its mineral properties, including the Brownell property in Saskatchewan and the Babine and Fenton properties in British Columbia.
This move is seen as a strategic step to ensure the company's financial stability and enhance its operational capabilities. With the settlement completed, Pacific Imperial is now positioned to focus on its core business objectives, including the advancement of its exploration projects and the pursuit of potential partnerships and investments.