Debt settlement is almost always seen as a positive for investors and one of the companies which could be in focus today is Quebec Precious Metals Corporation (OTCMKTS:CJCFF).
On Friday, CJCFF stock ended flat at $0.0567 with 400 shares, compared to its average volume 2.67K shares. The stock moved within a range of $0.0567 – 0.0567 after opening trade at $0.0567.
Quebec Precious Metals to Issue Shares in Payment of Debts and Deferred Share Units
The company was in the news this past Friday after it announced that it had gone into agreements for the purpose of issuing as many as 243,282 common shares to settle debts with some of the directors of the corporation. The total debt that would be settled through these agreements would be $19,462.56. The debt settlement is related to the services that had been provided by the directors to Quebec Precious Metals during the fourth fiscal quarter that had ended on January 31, 2023.
The company’s board of directors as well as its management believe that settlement of the debt would be best for the long term interests of Quebec Precious Metals. More importantly, it wold allow the company to maintain its cash position while at the same time settling its debts. The common shares issued to the company have been issued at the deemed price of $0.08 each and will be under lockup for a period of four months as per the regulations of the TSX Venture Exchange.