VANCOUVER, BRITISH COLUMBIA--(Marketwired - Nov. 16, 2016) - Tajiri Resources Corp. (the "Company") (TSX VENTURE:TAJ) reports that subject to TSX Venture Exchange approval it has reached agreements to settle CDN$229,429 of its outstanding debt through the issuance of 2,294,290 common shares in the capital of the Company.
The amount owing is to, two Senior Officers of the Company, who have agreed - to preserve cash - that they will receive shares in lieu of 36 months in accrued management fees. As well as the repayment of a non-interest bearing, optionally converting loan of $50,000 received by the Company in 2013. The shares will be issued as follow:
Graham Keevil, President & Chief Executive Officer - 870,050 shares at a deemed value of $.10 per share to settle CDN$87,005 in debt.
M. Bhilal Bhamji, Chief Financial Officer - 924,250 shares at a deemed value of $0.10 per share to settle CDN$92,250 in debt.
Dominic O'Sullivan, Chairman, - 500,000 in consideration for a $50,000 loan provided to the Company in 2013. It bore no interest and was repayable at his election in cash or equity.
As stated the transaction will preserve the Company's cash balances and allow it to deploy capital towards exploration efforts in Guyana, South America, and continue in good standing for the foreseeable future.
On Behalf of the Board,
Tajiri Resources Corp.
- Graham Keevil, President, CEO
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.
This news release may contain forward-looking statements based on assumptions and judgments of management regarding future events or results. Such statements are subject to a variety of risks and uncertainties which could cause actual events or results to differ materially from those reflected in the forward-looking statements. The Company disclaims any intention or obligation to revise or update such statements.