Clarity Metals Announces Debt Settlement
VANCOUVER, March 17, 2024 - Clarity Metals Corp. ("Clarity" or the "Company") (CSE: CMET, OTC: CLGCF, FSE: 27G0) announces its intention to complete a debt settlement with two creditors (the "Debt Settlement") pursuant to which it shall seek to issue an aggregate of 5,977,033 units of the Company (each, a "Unit") at a deemed price of $0.04 per Unit, to settle an aggregate of $239,082 in professional services and advisory fees.
Each Unit shall consist of one common share (each, a "Share") in the capital of the Company and one Share purchase warrant (each, a "Warrant"), with each Warrant entitling the holder thereof to acquire one additional Share (each, a "Warrant Share", and collectively with the Shares and the Warrants, the "Securities") on or before the first anniversary of the date of issuance at an exercise price of $0.05 per Warrant Share.
Completion of the Debt Settlement is subject to receipt of all necessary regulatory approvals, including that of the Canadian Securities Exchange ("CSE"). The Securities to be issued will be subject to a hold period expiring four months and one day from the date of issuance, in accordance with applicable securities laws.
None of the Securities issued in connection with the Debt Settlement will be registered under the United States Securities Act of 1933, as amended, and no such Securities may be offered or sold in the United States absent registration or an applicable exemption from the registration requirements. This news release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the Securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.
About Clarity
Clarity Metals Corp. is a Canadian mineral exploration project generator company focused on the acquisition, exploration and development of precious and base metals projects. Clarity's exploration mandate is global and focused on countries with established legal and regulatory systems supporting mining investment. The Company is based in Vancouver, British Columbia, and is listed on the CSE under the symbol "CMET".
Clarity has entered into an option agreement to acquire 50% of the Lithium381 Project adjacent to Allkem Ltd.'s James Bay Lithium feasibility stage project. See Clarity news release dated December 7, 2022.
Additionally, Clarity has title on several early-stage projects in British Columbia and Newfoundland:
- Empirical Gold Copper Molybdenite Property (6,511 ha) - Lillooet, B.C.
- Tyber Gold Copper Silver Property (928 ha) - Southeast Vancouver Island, B.C.
- Gretna Green Gold Copper Silver Property (1,331 ha) - Port Alberni, Vancouver Island, B.C.
- Harp Lake Nickel Property (3,452 ha) - Labrador, NL
- Eddies Cove MVT Property (450 ha) -NW Newfoundland
- Hare Bay Nickel Property (750 ha) -NW Newfoundland
To learn more about Clarity Metals Corp. and its projects please visit www.claritymetals.com.
ON BEHALF OF THE BOARD
"James Rogers"
Chief Executive Officer
Disclaimer for Forward-Looking Information
Certain statements in this release are forward-looking statements, which reflect the expectations of management regarding the Company. Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations or intentions regarding the future, including but not limited to the approval of the Debt Settlement by the CSE and the general development of the business of the Company. Such statements are subject to risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in the statements, including risks related to factors beyond the control of the Company. Further, the ongoing labour shortages, high energy costs, inflationary pressures, rising interest rates, the global financial climate and conflicts in Ukraine and Palestine and surrounding regions are some additional factors that are affecting current economic conditions and increasing economic uncertainty, which may impact the operating performance, financial position, and future prospects of Clarity. Collectively, the potential impacts of this economic environment pose risks that are currently indescribable and immeasurable. No assurance can be given that any of the events anticipated by the forward-looking statements will occur or, if they do occur, what benefits the Company will obtain from them. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
The Canadian Securities Exchange (operated by CNSX Markets Inc.) has neither approved nor disapproved of the contents of this press release.