Cresval Issues Correction on Private Placement, Cancels Securities, and Refiles Interim Filings
January 26, 2021 at 18:12 PM EST
VANCOUVER, British Columbia, Jan. 26, 2021 (GLOBE NEWSWIRE) -- Cresval Capital Corp. (“Cresval” or the “Company”) (TSX-V: CRV) Cresval previously reported on December 31, 2019 that it had completed a private placement of 2,200,000 units (the “Units”) to an arm’s length subscriber at an offering price of $0.05 per Unit, each Unit consisting of one (1) common share, and one (1) share purchase warrant exercisable at $0.07 per share for a period of two years. Unfortunately, the Company did not receive payment for the Units at the time they were issued, but only received payment for the Units on April 6, 2020. The funds were then used to repay an equivalent debt owed to the subscriber, contrary to the policies of the TSX Venture Exchange (“TSXV”).
At the TSXV’s request, Cresval has requested the return of and has now cancelled the Units, re-instating the Company’s indebtedness of $110,000 to the arm’s length subscriber.
Cresval has also amended and restated its first, second, and third quarter interim financial statements for 2020, and the related management discussions and analyses, which have been filed on SEDAR under the Company’s profile.
It is expected that Cresval’s common shares will be returned to trading status.
Cresval is a junior copper and precious metals exploration company actively involved in two 100% owned projects situated near the productive Bralorne Gold camp in southwestern British Columbia, consisting of the MIKE Property and the New Raven Property.
For more information please visit www.cresval.com.
ON BEHALF OF THE BOARD OF DIRECTORS
“Lee Ann Wolfin”
Lee Ann Wolfin
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.
Forward looking statements: This release contains statements that are forward‐looking statements and are subject to various risks and uncertainties concerning the specific factors disclosed under the heading "Risk Factors" and elsewhere in the Company's periodic filings with Canadian securities regulators. Such information contained herein represents management's best judgment as of the date hereof based on information currently available. The Company does not assume the obligation to update any forward‐looking statement.