Sabre Gold Mines Corp (SGLDF)

[goldenpolarbear]

TORONTO, Sept. 7, 2016 /CNW/ - Trans Oceanic Minerals Company Ltd. ("TOMCL") announces that it has entered into a debt conversion agreement with Kerr Mines Inc. ("Kerr Mines") pursuant to which TOMCL has agreed to acquire 10,000,000 common shares of Kerr Mines (the "Settlement Shares") in settlement of $1,576,318 owing to TOMCL in connection with amounts incurred by TOMCL with respect to the restructuring efforts of the Company up to June 30, 2016. In addition, TOMCL will be converting $1,350,000 of the outstanding principal amount of a convertible promissory note previously issued by Kerr Mines to TOMCL into 27,000,000 common shares of Kerr Mines (the "Conversion Shares"). The issuance of the Settlement Shares is subject to final approval of the Toronto Stock Exchange.

Taking into account certain additional common shares which are proposed to be issued prior to or concurrently with the issuance of the Settlement Shares and the Conversion Shares as announced by Kerr Mines, the Settlement Shares and the Conversion Shares will represent approximately 19.4% of the 190,968,865 issued and outstanding common shares immediately upon the issuance thereof.

http://www.newswire.ca/news-releases/trans-oceanic-minerals-company-ltd-to-acquire-additional-common-shares-of-kerr-mines-592567681.html