Abitibi Royalties Proposes Issuing Shares In Settlement Of Accrued Salary And Director Fees
VAL-D'OR, QUÉBEC -- Aug. 27, 2014 - Abitibi Royalties Inc. (TSX VENTURE:RZZ) ("Abitibi Royalties" or the "Company") announces that, subject to TSX Venture Exchange approval, it proposes to issue approximately 38,055 common shares in settlement of $140,800 in accrued executive officer salary and director fees covering the period June 1, 2013 to July 31, 2014. This is the maximum number of shares in replacement of cash that can be issued in accordance with the policies of the TSX Venture Exchange. The closing price of $3.70 per share on August 26, 2014 is being used to calculate the number of shares to be issued in order to settle the outstanding fees.
About Abitibi Royalties Inc.
Abitibi Royalties holds a 30% free-carried interest on the Malartic CHL Property near Val-d'Or, Québec, located beside the Canadian Malartic mine. In addition, the Company holds a 2% NSR on portions of the Gouldie and Charlie zones at the Canadian Malartic mine and 100% title to the Luc Bourdon and Bourdon West Prospects in McFauld's Lake, Ontario.
Golden Valley Mines and Rob McEwen hold approximately 58.8% and 9.3% interest in Abitibi Royalties, respectively.
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. Although the Company 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 or realities 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.
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 news release.
Abitibi Royalties Inc.
Glenn J. Mullan
819-824-2808, x 204
Abitibi Royalties Inc.
Ian J. Ball