December 2, 2022, Vancouver, British Columbia – Supernova Metals Corp. (“Supernova” or the “Company”) (CSE:SUPR) (OTC:ABETF) (Frankfurt:A1S.F) announces that it has issued an aggregate of 809,524 common shares (each a “Share”) at a deemed price of $0.105 per Share, to settle $85,000 in debt (the “Debt Settlement”) for past management services provided to the Company.
Sean McGrath, the CEO and a director of the Company, received 809,524 Shares in the Debt Settlement through his consulting company, 1267911 BC Ltd.
As a result, the Debt Settlement transaction is a related party transaction (as defined under Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions (“MI 61-101”). The Company relied upon section 5.5(b) the “Issuer Not Listed on Specified Markets” and 5.7(a) the “Fair Market Value Not More than $2,500,000” and exemptions from the formal valuation and minority shareholder approval requirements, respectively, under MI 61-101.
All securities issued pursuant to the Debt Settlement are subject to a mandatory 4 month hold period.
SUPERNOVA is a resource exploration company focused on acquiring and advancing natural resources opportunities within North America.
ON BEHALF OF THE BOARD
CEO and Director
NEITHER THE CANADIAN SECURITIES EXCHANGE NOR ITS REGULATION SERVICES PROVIDER HAS REVIEWED OR ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
The securities referred to in this news release have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”), or any applicable securities laws of any state of the United States, and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons (as such term is defined in Regulation S under the U.S. Securities Act) or persons in the United States unless registered under the U.S. Securities Act and any other applicable securities laws of the United States or an exemption from such registration requirements is available.
This press release does not constitute an offer to sell or a solicitation of an offer to buy any of these securities within any jurisdiction, including the United States. Any public offering of securities in the United States must be made by means of a prospectus containing detailed information about the company and management, as well as financial statements.