CALGARY, March 3, 2017 /CNW/ - Montana Exploration Corp.
("Montana" or the "Corporation") (TSXV:MTZ) has
entered into settlement agreements (the "Settlement
Agreements") with certain of its creditors, whereby the
Corporation shall issue common shares of the Corporation at a
deemed price of $0.195 per common
share in full and final settlement of the amounts owing to such
creditors (the "Shares for Debt Settlement"). Pursuant to
the Settlement Agreements, the Corporation intends to settle an
aggregate of 309,957.47 in indebtedness by issuing a total of
1,589,527 common shares to creditors. Ian Page, Vice President of Exploration of the
Corporation, has agreed to settle $91,107.47 of debt as part of the
transaction.
The common shares issued pursuant to the Shares for Debt
Settlement would represent 2.7% of the issued and outstanding
common shares of Corporation following the completion of the
transaction. All common shares issued in connection with the Shares
for Debt Transaction will be subject to the approval of the TSX
Venture Exchange and will be subject to a four-month statutory hold
period, in accordance with applicable securities legislation.
The board and management of the Corporation believe that the
proposed Shares for Debt Settlement is in the best interests of
Montana in order to move the Corporation forward and reduce its
working capital deficiency.
The Shares for Debt Settlement will not create a new control
person of the Corporation.
About Montana Exploration Corp.
Montana is a Canadian junior oil and gas exploration and
production company focusing on the Bakken and Shaunavon oil opportunities underlying its
extensive land holdings in the state of Montana. In the United States the company operates through
its wholly owned subsidiary, Montana
Land & Exploration, Inc. Montana's common shares are
listed on the TSX Venture Exchange under the trading symbol "MTZ".
Additional information regarding Montana is available under
Montana's profile at www.sedar.com or at Montana's website,
www.montanaexplorationcorp.com.
Forward Looking Statements
This press release
contains statements that constitute "forward-looking information"
or "forward- looking" statements" (collectively "forward-looking
information") within the meaning of applicable securities
legislation. Forward-looking information is often, but not always,
identified by the use of words such as "anticipate", believe",
"expect", "plan", "intend", "forecast", "target", "project",
"guidance", "may", "will", "should" "could", "estimate", "predict"
or similar words suggesting future outcomes or language suggesting
an outlook. These forward-looking statements include, among other
things, statements relating to the debts to be settled under the
Shares for Debt Settlement, the price of the common shares to be
issued pursuant to such transaction and the ability of the
Corporation to execute on the Shares for Debt Settlement.
Forward-looking statements and information contained in this
press release are based on our current beliefs as well as
assumptions made by, and information currently available to, us.
Although we consider these assumptions to be reasonable based on
information currently available to us, they may prove to be
incorrect.
By their very nature, the forward-looking statements included in
this press release involve inherent risks and uncertainties, both
general and specific, and risks that predictions, forecasts,
projections and other forward-looking statements will not be
achieved. We caution readers not to place undue reliance on these
statements as a number of important factors could cause the actual
results to differ materially from the beliefs, plans, objectives,
expectations and anticipations, estimates and intentions expressed
in such forward-looking statements.
Furthermore, the forward- looking statements contained in this
press release are made as of the date of this document and we do
not undertake any obligation to update publicly or to revise any of
the included forward- looking statements, whether as a result of
new information, future events or otherwise, except as required by
applicable law. The forward-looking statements contained in this
press release are expressly qualified by this cautionary
statement.
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.
SOURCE Montana Exploration Corp.