VANCOUVER, British Columbia, Sept. 28, 2022 (GLOBE NEWSWIRE) -- HUDSON RESOURCES INC. (“Hudson” or the “Company”) (TSX Venture Exchange “HUD”; OTC “HUDRF”) announces that the Company has agreed to issue an aggregate of 3,233,333 common shares of the Company (the “Settlement Shares”) at a price of C$0.05 per share in settlement (the “Debt Settlement”) of outstanding accounts payable and accrued liabilities totaling C$161,666.67 for directors’ fees owing to former and current directors of the Company and for management fees owing to the Chief Financial Officer of the Company.
The issuance of Settlement Shares to David Frattaroli, Kevin Crawford, Donna Phillips, Antony Harwood, each a director of the Company, and to Samuel Yik, the Chief Financial Officer of the Company (collectively, the “Related Parties”), will each be considered to be a "related party transaction" as defined under Multilateral Instrument 61-101 – Protection of Minority Security holders in Special Transactions ("MI 61-101"). The issuance of Settlement Shares, as it relates to the Related Parties, is exempt from the minority approval and formal valuation requirements of MI 61-101 pursuant to subsections 5.5(a) and 5.7(1)(a) of MI 61-101.
The Debt Settlement is subject to TSX Venture Exchange approval. The Settlement Shares will be subject to a statutory hold period of four months from the date of issuance, in accordance with applicable securities legislation.
ON BEHALF OF THE BOARD OF DIRECTORS
President and Director
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This news release includes certain forward-looking statements or information. All statements other than statements of historical fact included in this news release, including, without limitation, statements regarding the completion of the Debt Settlement and approval by the TSX Venture Exchange thereof, are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company’s plans or expectations include market prices, general economic, market or business conditions, regulatory changes, timeliness of government or regulatory approvals and other risks detailed herein and from time to time in the filings made by the Company with securities regulators. Such factors include, without limitation, the risk that the Company does not receive approval of the TSX Venture Exchange for the Debt Settlement. The Company expressly 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 otherwise required by applicable securities legislation.
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.