Standard Tolling Settles Debt for Shares
White Rock, British Columbia (FSCwire) - Standard Tolling Corp. (TSX-V: TON, Frankfurt: GA0, “Standard Tolling” or the “Company”) reports that pursuant to the acquisition of the 150 ton per day CIL gold processing plant located in the department of La Libertad, near the city of Huamachuco in Northern Peru that closed on December 30, 2014. Among other consideration, the Company issued an unsecured, non-interest bearing promissory note (the “Note”) for $250,000 payable by December 30, 2016 to the vendor. The Company earlier paid $100,000 of the Note for cash leaving a balance owing of $150,000. The vendor subsequently assigned the $150,000 Note to a party arm’s length to the Company.
The Company is desirous of settling the $150,000 Note for shares of the Company to preserve its cash for use in commissioning the Plant.
Subject to the approval of the TSX Venture Exchange, the Company has agreed, to settle the $150,000 Note by issuing a total of 1,363,636 common shares at a price of $0.11 per common share. The common shares issued on the settlement of the debt will be subject to a four-month hold period from the date of issuance.
About Standard Tolling Corp.
Through its wholly owned subsidiary, Standard Tolling owns and is commissioning the 150 TPD custom tolling facility in Huamachuco which services the legal small mining communities of northern Peru. Under the progressive new formalization mandate, the Peruvian government has enacted legislation to curtail illegal mining by requiring all toll processing operations to purchase only compliant ores. This has created significant opportunity for well run, well funded operators to gain market share as older poorly capitalized players with poor technology are phased out.
ON BEHALF OF THE BOARD
“Len Clough”
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Mr. Len Clough, Chairman, President, CEO and Director
For further information please contact:
Tel: 866-222-5820 ext 101 for John Martin
Email: info@standardtolling.com
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.
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 and include, without limitation, statements regarding the Company’s plans with respect to statements about the Company’s ability to fund and execute the proven ore processing business model outlined in this news release. Although Standard Tolling 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 the Company’s management on the date the statements are made. Except as required by law, the Company undertakes no obligation to update these forward-looking statements in the event that management’s beliefs, estimates or opinions, or other factors, should change.
To view this press release as a PDF file, click onto the following link:
public://news_release_pdf/standard03022015.pdf
Source: Standard Tolling Corp. (TSX Venture:TON, FWB:GA0) http://www.standardtolling.com/s/Home.asp
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