Waraba Gold Completes First Quarterly Debt Settlement
News related to:Waraba Gold Limited · 1 min read
Waraba Gold Limited, a Vancouver-based resource exploration company, has completed its first quarterly debt settlement with certain directors, officers, and a consultant. The settlement resolved an aggregate debt of approximately C$87,476.76, equivalent to US$61,560, through the issuance of 232,872 common shares at a deemed price of C$0.38 per share.
According to the press release, the settlement included the initial quarterly management fee payment obligation, along with an additional settlement for the stub period from March 12 to March 31, 2026. This second settlement amounted to US$12,817.97, or approximately C$18,214.34, and resulted in the issuance of 48,486 common shares. Altogether, the transactions involved a total of 281,358 common shares.
The debt settlement involved Carl Esprey and Jose Teixeira, who are directors of Waraba Gold, and Munster & Broad Limited, a company controlled by Chris O'Connor, another director. Each of the participating insiders received common shares based on the settlement amounts. Mr. Esprey received 121,347 common shares, Mr. Teixeira received 40,448 common shares, and Munster received 54,845 common shares.
The transactions were structured under the exemptions from formal valuation and minority shareholder approval requirements provided by Multilateral Instrument 61-101. The Company's board of directors, with the approval of independent members, facilitated the settlements, deeming them to be within the applicable thresholds.
Waraba Gold intends to continue settling applicable quarterly management fee obligations through the issuance of common shares, provided there are no material changes to the current terms. The company anticipates issuing a press release upon the completion or termination of the ongoing settlement arrangement, or earlier if required by applicable securities laws or CSE policies.
The Company's common shares trade on the Canadian Securities Exchange under the trading symbol "WBGD" and on the Frankfurt Stock Exchange under the trading symbol "ZE00."