Gold Mountain Mining Corp Completes Debt Settlement and Private Placement

VANCOUVER, BC / ACCESSWIRE / April 12, 2024 - Gold Mountain Mining Corp. announces the closure of significant financial transactions involving debt settlements with secured and unsecured creditors, and the successful completion of a private placement that raised $750,000. The company settled debts amounting to $1,250,000 with Nhwelmen Construction and $1,241,669.18 with Hedge Minerals Corp., issuing them common shares at $0.0075 per share. An additional $1,249,400 of unsecured debt was also settled through the issuance of common shares at the same price.

The private placement involved issuing 100,000,000 common shares, which now represents 14.56% of the company’s outstanding shares. The funds from the private placement will support operations at the Elk Gold Mine and provide general working capital. The transactions resulted in a change of control, with Nhwelmen and Hedge becoming insiders by owning more than 20% of the company. These transactions are identified as related party transactions, but due to financial hardship, certain exemptions have been utilized to facilitate the settlements.

The company also provided early warning disclosure details for Nhwelmen and Hedge, stating their acquisition of common shares and their future investment plans. Finally, Gold Mountain Mining Corp. announced its upcoming annual meeting of shareholders, scheduled for June 19th, 2024, to be held via Zoom.