Spanish Mountain Gold Announces Debt Settlement Agreement
VANCOUVER, British Columbia — Spanish Mountain Gold Ltd. (the ' Company ' or ' Spanish Mountain Gold ') (TSX-V: SPA | FSE: S3Y | OTCQB: SPAUF) announces that it has entered into a debt settlement agreement with Whittle Consulting Ltd., an arm's length creditor of the Company (' Whittle ') to settle an aggregate of $379,720 in outstanding debt (the ' Debt '). In settlement of the Debt, the Company will (i) pay Whittle $14,320, in cash, and (ii) issue 2,110,919 common shares in the capital of the Company (the ' Shares ') as directed by Whittle at a price of $0.1731 per Share (the ' Debt Settlement '). The Debt relates to past services rendered by Whittle Consulting Ltd. to the Company.
Article content
Closing of the Debt Settlement is subject to a number of customary closing conditions, including, but not limited to, approval from the TSX Venture Exchange. The Shares to be issued in connection with the Debt Settlement will be subject to a statutory four month plus a day hold period in accordance with applicable securities legislation.
Article content
Article content
About Spanish Mountain Gold Ltd.
Article content
Spanish Mountain Gold Ltd. is focused on advancing its 100%-owned Spanish Mountain Gold Project (Project) towards construction of the next gold mine in the Cariboo Gold Corridor, British Columbia. The Company will publish, within 44 days of this news release, a new NI 43-101 Technical Report setting out the new executable vision to advance the Project. This new NI 43-101 Technical Report, with a de-risked and optimized Preliminary Economic Assessment (PEA) with an updated Mineral Resource Estimate (MRE), will supersede the prior technical report of the Company. Upon receipt of the new PEA and updated MRE, the Company will decide the next steps to advance the Project to position the Company to make a construction decision in or before 2027. We are striving to be a leader in community and Indigenous relations by leveraging technology and innovation to build the 'greenest' gold mine in Canada. The Relentless Pursuit for Better Gold means seeking new ways to achieve optimal financial outcomes that are safer, minimize environmental impact and create meaningful sustainability for communities. Details of the Company are available on www.sedarplus.ca and on the Company's website: www.spanishmountaingold.com.
Article content
Spanish Mountain Gold Ltd.
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.
Article content
Certain of the statements and information in this press release constitute 'forward-looking statements' or 'forward-looking information' Any statements or information that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as 'expects', 'anticipates', 'believes', 'plans', 'estimates', 'intends', 'targets', 'goals', 'forecasts', 'objectives', 'potential' or variations thereof or stating that certain actions, events or results 'may', 'could', 'would', 'might' or 'will' be taken, occur or be achieved, or the negative of any of these terms and similar expressions) are not statements of historical fact and may be forward-looking statements or information. The Company's forward-looking statements and information are based on the assumptions, beliefs, expectations and opinions of management as of the date of this press release, and other than as required by applicable securities laws, the Company does not assume any obligation to update forward-looking statements and information if circumstances or management's assumptions, beliefs, expectations or opinions should change, or changes in any other events affecting such statements or information. For the reasons set forth above, investors should not place undue reliance on forward looking statements and information.
Article content
Article content
Article content
Article content
For more information:
Article content
Article content
Peter Mah, CEO
Article content
Article content
Article content
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
CTV News
20 minutes ago
- CTV News
B.C. judge says concerns ‘overblown' in court challenge to Squamish townhouse project
Apartments, condos and houses are seen in downtown Squamish, B.C., on Thursday, June 26, 2025. (Darryl Dyck / The Canadian Press) VANCOUVER — The B.C. Supreme Court says concerns raised by Squamish, B.C., residents in a legal challenge to a townhouse development project are 'overblown,' paving the way for high-density housing in one of the country's fastest-growing communities. A ruling issued Thursday says Dennis and Andrea Smith wanted to stop a four-unit townhouse project from being built on a neighbouring property, claiming a 'building scheme' from 1959 only allows for single family homes to be built on the lot. The court ruling says the developer behind the project, Clearwater Park GP Inc., sought to cancel or modify the scheme to allow the project to go ahead. It says the homeowners opposed the townhouse project because it will 'change the character of the neighbourhood,' impacting their privacy, increasing traffic and reducing pedestrian safety. The judge's decision says 'circumstances have changed' since the creation of the 1959 building scheme, and it has been 'widely ignored' for years, allowing residents to conduct renovations and build secondary suites. Judge Frits Verhoeven's ruling says the building scheme is therefore 'obsolete' and the company has a development permit from the District of Squamish, rejecting the Smiths' bid to halt the project and agreeing to cancel the building scheme at the heart of the court challenge. 'I am not without sympathy for the desire of the Smiths and other property owners and residents of the area to preserve their neighbourhood as it is, including in particular its single family, low-density nature,' Judge Verhoeven wrote. " However, in relation to the exercise of the court's residual discretion, the need of the community for additional housing is also relevant." The ruling says Squamish is among Canada's 10 fastest-growing communities, with its population growing more than 22 per cent between 2016 and 2021. The ruling says its population was just under 24,000 people in 2021, and is forecasted to grow past 40,000 by 2040. 'Consideration of the public interest does not favour the position of the Smiths that the court should refuse to cancel the building scheme,' the court ruled. This report by Darryl Greer of The Canadian Press was first published July 5, 2025.
CTV News
34 minutes ago
- CTV News
B.C. lawyer ‘failed to guard against becoming the tool of an unscrupulous client,' gets 2-month suspension
A New Westminster lawyer has been suspended two months for professional misconduct that included failing 'to guard against becoming the tool of an unscrupulous client.' Robert L. Dick's suspension began Thursday, according to a news release from the Law Society of B.C. The lawyer proposed a consent agreement to the society, in which he admitted to a variety of misconduct that took place from mid-2018 to November 2021, all of it related to the same client. That client, identified in the document only as 'DC,' was someone Dick had known for roughly two decades. DC was an existing criminal law client of Dick's, and someone who – along with his associate 'GS' – was 'understood by the lawyer to be involved in the illicit cannabis industry.' DC approached Dick about a plan to apply for a retail cannabis licence, and in early summer 2018, the lawyer, DC and GS all met with a consultant to discuss the provincial licensing process, according to the consent agreement. The consultant expressed concern about the would-be applicants' history of involvement – and reported ongoing involvement – in the illegal cannabis market, and explained that such situations are often dealt with using a 'white knight' applicant. 'The lawyer understood that the 'white knight' applicant process involved using a purported applicant to cloak the identity of the true applicant,' the consent agreement reads. DC brought his acquaintance – referred to as 'SB' – into the process to serve as the 'white knight.' SB was the sole director and shareholder of a company called NRC Ltd., which made the application for a licence to operate a non-medical cannabis retail store. The consent agreement indicates Dick believed DC was the 'driving force' behind the venture, providing funding to SB and NRC as a 'silent partner.' 'The lawyer was aware that there would have to be dishonesty involved in preparing and submitting the licensing application to the province in order for the 'white knight' application to succeed,' the document reads. 'The lawyer made no inquiries to determine whether the true sources of funding for the business were being disclosed to the province in the licensing application." Dick represented NRC in negotiating a letter of intent to lease a property in New Westminster and in submitting a business plan to the city. While he took direction from DC when creating those documents, DC's name was not included in either one, according to the consent agreement. Dick also appeared on behalf of NRC at a New Westminster public hearing on rezoning the location where the proposed cannabis store would be located. The document indicates he made no mention of DC in either his oral or written submissions. Ultimately, both the provincial licensing application and the municipal rezoning process were successful. NRC never opened its cannabis store, however, because of a dispute over unpaid rent. When the landlord told Dick he would not be renting to SB and NRC, he asked if the lawyer knew of anyone else who might be interested in leasing the premises. According to the consent agreement, Dick referred the landlord to GS, who by that time was the owner and director of a different company that ran a cannabis store in Vancouver. By making this referral, Dick was acting against the interests of his client NRC. This conflict of interest was one of the instances of misconduct Dick admitted in the consent agreement. He also admitted that he 'failed to be on guard against becoming the tool or dupe of an unscrupulous client or other persons,' failed to 'make reasonable inquiries about the circumstances,' and failed to 'decline to act or continue to act in the matter until there was a reasonable basis for believing that the nature and purpose of the business venture were legitimate.' The law society's discipline committee accepted the consent agreement proposal, noting that Dick had no prior record of professional misconduct, was remorseful and did not gain any personal benefit, including legal fees, through his misconduct.
CTV News
an hour ago
- CTV News
‘It's phenomenal:' Ottawa businesses seeing a boost from Canada Day, ‘buy Canadian' push
Gareth Davies, owner of Maker House on Wellington Street in Ottawa on July 5, 2025. (Kimberley Johnson/CTV News Ottawa) Canada Day has given customers another chance to think about buying local. Businesses in Ottawa say they are seeing more and more faces determined to keep their dollars local and buy Canadian. Darren Cassidy and his family came from Greely to spend the day taking in everything Carp has to offer. 'We like to go out to the Carp Market and then we like to come here and have a glass of wine,' he said. He says the ongoing trade war with the United States has him focusing his hard-earned dollars at home. 'We feel proud to be Canadian and so we'll do our best to support Canadian businesses.' Months on, Ottawa businesses say campaigns like 'buy local,' 'Buy Canadian' and 'Elbow's Up' have helped as they weather economic uncertainty. Liam Mastersmith is the retail sales manager at Kin Vinyards. His parents also own the winery. He says their wine sales are up and are seeing more people from across Ontario and Quebec. 'We've seen a 25 per cent increase overall. On our sales in general,' he said. He says it has also translated to more sales at the LCBO. Mastersmith says they've seen their in-store sales jump 325 per cent. They've also tripled the number of LCBO stores ordering from the vineyard and have sold bottles as far as Toronto and Mississauga. Kin Vineyards Liam Mastersmith with Kin Vineyards in Carp, Ont. on July 5, 2025. (Kimberley Johnson/CTV News Ottawa) 'We did $9,000 in sales to the LCBO and we're up to around $23,000 now. So, it's good,' he said. 'That's not huge numbers by any means but it's good. It's great to have that kind of sales channel for a small business like us. Those numbers that mean something.' He hopes it gives people a chance to consider wines from Ontario, where they may not have before. 'It's a great trend that you're seeing in the wine industry towards buying locally and buying Canadian wines,' he said. Gareth Davies, owner of Maker House on Wellington Street West in Hintonburg, says he's seen his sales skyrocket – jumping 70 to 80 per cent this year over last. 'Just phenomenal,' he said. 'Even in the last week, leading up to Canada day and the last few days, we've seen that continue, maybe even up a little higher for this period.' That is showing up both in-store and online, he explains. 'It's great to know that more people are finding us because they're looking for Canadian-made and in turn, our makers, hundreds of Canadian companies, are also getting more new customers and more attention.' The store sells only Canadian-made goods, half of which are from Ottawa artists, which is important for customers like Rebecca Seal. 'I know whenever I come here that's what I'm going to get,' she said. 'I'm really appreciative of that.'
