New Dimensions Resources Ltd (NDR)

[JonnyRBuck12]

New Dimension issues 6.43M shares for debt of $385,963

2020-09-16 18:44 MT - News Release


Mr. Eric Roth reports

SHARES FOR DEBT SETTLEMENT

Further to the news release of Sept. 8, 2020, wherein New Dimension Resources Ltd. announced the settlement of $512,722 in indebtedness by the issuance of 8,545,365 ordinary shares, New Dimension has settled company indebtedness of $385,963 due to current and former insiders of the company with the issuance of 6,432,714 common shares of the company. The settled indebtedness consists of $45,582 in fees due to former directors of the Company; $47,500 due to the current CEO and outstanding debt balance of $292,881 which consists of full and partial payment of loans provided to the Company by current insiders. Any unsettled debt will be paid in normal course.

The shares issued in settlement are subject to a hold period trading restriction expiring on January 16, 2021.

About New Dimension Resources

New Dimension is engaged in the acquisition, exploration, and development of quality mineral resource properties in favourable jurisdictions with a focus on high-grade gold and base metal deposits. The Company's current focus is on the discovery through exploration of high-grade gold deposits on its newly-acquired 100%-owned Southern Gold Line Project (Sweden), as well as on its existing 100%-owned Savant Lake project in Ontario and its 29.6% interest in the Domain Joint Venture with Yamana Gold in Manitoba (Canada). In addition, the Company has acquired 100% interests in two large properties covering the past-producing Lokken and Kjoli copper-rich massive sulfide deposits in central Norway and in which drill-ready targets have already been identified.

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