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Sep 9, 2010 | |
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2010-01-13 - Red Metal Resources Converts $1.15 Million of Debt Into Equity Jan 13, 2010 09:05 ET
Red Metal Resources Converts $1.15 Million of Debt Into EquityTHUNDER BAY, ONTARIO--(Marketwire - Jan. 13, 2010) - Red Metal Resources Ltd. (PINK SHEETS:RMES), a resource company focused on growth through acquiring, exploring and developing copper-gold assets in Chile, today announced an agreement with the Company's major debt holders to convert USD$1,152,518 of debt to restricted Red Metal common stock at a price of $0.30 per share. As full payment for debt, Red Metal will issue an aggregate 3,841,727 restricted shares of common stock as full payment of the debt. This debt-for-equity agreement eliminates a substantial majority of debt from Red Metal's balance sheet. Following the issuance of the shares for debt there will be 9,426,301 total shares outstanding. Debt holders who converted their debt into RMES shares include Fladgate Exploration Consulting Corporation, a company controlled by Red Metal's President and VP Exploration and Da Costa Management Corp., a company owned by Red Metal's CFO. Caitlin Jeffs, P.Geo., President of Red Metal, stated, "This conversion of debt into equity reflects management's confidence in Red Metal's projects and its belief in the potential upside benefit for equity holders." About Red Metal Resources Ltd. Red Metal is a Thunder Bay-based resource company focused on growth through acquiring, exploring and developing copper-gold assets in Chile. For more information, visit www.redmetalresources.com. This press release contains forward-looking statements. The actual results could differ materially from a conclusion, forecast or projection in the forward-looking information. Certain material factors or assumptions were applied in drawing a conclusion or making a forecast or projection as reflected in the forward-looking information. For more information, please contact Red Metal Resources Ltd. 2010-05-05 - Red Metal Resources Upgraded to OTCQB Marketplace 2010-03-03 - Red Metal Resources to Exhibit at PDAC 2010 2010-02-05 - Red Metal Files 43-101 Technical Report on the Farellon Copper-Gold Project in Chile's 2010-01-13 - Red Metal Resources Converts $1.15 Million of Debt Into Equity 2010-01-08 - Red Metal Resources Announces Change of Independent Auditors 2009-12-04 - Red Metal Resources Announces Farellon Drill Results 2009-12-02 - Red Metal Resources Hires Director, Corporate Communications 2009-11-30 - Red Metal Resources Provides Corporate Update 2009-02-03 - Red Metal Resources Ltd. Acquires Irene Property in Candelaria IOCG Belt 2009-01-20 - Red Metal Announces the Acquisition of Four Mineral Properties at Auction 2008-11-12 - Red Metal Resources Retains Barwicki Investor Relations Co. 2008-09-18 - Red Metal Increases Land Holdings Near Farellon 2008-09-11 - Red Metal Increases Land Holdings Near Camila 2008-09-08 - Red Metal Announces Name Change, Increase in Authorized Capital Stock 2008-05-21 - Red Lake Exploration, Inc. Updates Its Diamond Drill Program on Camila 2008-05-01 - Red Lake Exploration, Inc. Raises One Million Dollars Through a Private Placement 2008-04-23 - Red Lake Exploration, Inc. To Present at EQUITIES Magazine's Third Annual Mining 2008-04-14 - Red Lake Exploration, Inc. Releases Mining Results From the Santa Rosa Property 2008-03-17 - Red Lake Exploration, Inc. Begins Exploration Program at the Camila 2007-09-27 - Red Lake Exploration, Inc. Announces the Option to Purchase Mina Farellon 2007-09-27 - Red Lake Exploration, Inc. Announces Options to Purchase Santa Rosa and Camila |
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