tasca enters into debt settlement agreements
Vancouver, British Columbia (FSCwire) - Tasca Resources Ltd. ("Tasca", "TAC" or the "Company") (TSX Venture: TAC) (Frankfurt: 3TA) announces that it has entered into debt settlement agreements (the “Agreements”) with two arm’s length creditors pursuant to which the Company has agreed to issue an aggregate of 1,727,953 common shares ("Shares") at a deemed price of $0.11 per Share in order to settle long term debt of the Company totaling $190,074.83 (the “Debt Settlement”).
The Company has decided to satisfy the indebtedness with Shares in order to conserve cash.
The Company will issue the Shares (which are subject to a 4-month hold period on resale), subject to the approval of the TSX Venture Exchange (the "Exchange")..
For additional information regarding the above noted property and other corporate information, please visit the Company's website at www.tascaresources.com
ON BEHALF OF THE BOARD OF DIRECTORS
Clive H. Massey
President & CEO
For further information, please contact:
Tasca Investor Relations
Phone: (604) 644-6794
Neither 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 contains certain statements that may be deemed "forward-looking" statements. Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. Although Tasca Resources Ltd. believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in forward looking statements. Forward looking statements are based on the beliefs, estimates and opinions of Tasca Resources Ltd. management on the date the statements are made. Except as required by law, Tasca Resources Ltd. undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change.