THEMAC Announces Debt SettlementPosted: 01/31/2014 | Posted By: News Resource/Publisher
Vancouver, British Columbia – January 31, 2014 – THEMAC Resources Group Limited (TSXV:MAC) (“THEMAC” or the “Company”) wishes to announce that the Directors of the Company have agreed to reduce outstanding directors’ fees of $107,280 by issuing 1,192,000 common shares of the Company at a price of $0.09 per common share.
The settlement reflects the maximum allowable shares issuable for the directors’ fees.The Directors are cognizant of the need to direct available funds to the development of the Copper Flat project and completion of the Definitive Feasibility Study.
The transaction is subject to regulatory approvals.The shares issued will have a hold period of four months from the date of distribution in compliance with TSX Venture Exchange policies and applicable securities law.
The Company further announces that the motion to grant Tulla Resources Group Pty Ltd. security for its loan over the Company’s Copper Flat property was not approved by shareholders. The Company will continue to seek opportunities for financing and capital growth.
About THEMAC Resources Group Limited
THEMAC is a copper development company with a strong management team which acquired the Copper Flat copper-molybdenum-gold-silver project in New Mexico, USA in May 2011. The Company is committed to bringing the closed copper mine, Copper Flat, in Sierra County, New Mexico back into production with innovation and a sustainable approach to mining development and production, local economic opportunities and the best reclamation practices for our unique environment. The Company is listed on the TSX Venture Exchange (ticker: MAC) and has issued share capital of 75,300,122 common shares (fully diluted share capital 132,537,779).
For further information contact:
THEMAC Resources Group Limited
Chief Executive Officer
Phone: +44 7539 466703
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.