Plate Resources Inc. Announces Shares for Debt and Consolidation/Name Change
November 25, 2016 - VANCOUVER, BRITISH COLUMBIA – Plate Resources Inc. (TSX-V: PLR) (the “Company”) Subject to the acceptance for filing of the regulatory authorities, the Company has agreed to issue a total of 540,140 shares at the price of $0.10 per share (on a post-consolidation basis) in satisfaction of debts owing to various creditors in the aggregate amount of $54,014. The Company expects that the proposed debt settlement will enable the Company to achieve a positive working capital position.
In addition to the above, the Company proposes to consolidate the Company's share capital on a 2:1 basis, and to change the Company's name. The Company proposes this consolidation in order to facilitate future financings. There are presently 14,110,862 common shares issued and outstanding in the capital of the Company and following the proposed share consolidation, there will be 7,055,431 common shares issued and outstanding (not including the number of shares for debt mentioned above). The changes of name and capital are subject to approval and acceptance for filing by the TSX Venture Exchange.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Ruben Verzosa, President
About Plate Resources Inc:
Plate Resources Inc. (TSX-V: PLR) is a Canadian based company with a project generator business model. Although the Company’s primary business focus since formation has been the exploration of mineral properties, it is now seeking new business opportunities that offer the potential for near term cash flow to create shareholder value.
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