Altaley Mining Corporation (TSX-V:ATLY) said its Board of Directors has recommended and authorized a change of the company’s name to Luca Mining Corporation.
The company said it plans to change its TSX Venture and OTCQB ticker symbol to “LUCA" and, subject to the name change, the company’s web domain name will change to lucamining.com.
The timing of the name change, ticker symbol change, and corporation rebranding will be announced at a later date, the company noted.
READ: Altaley Mining prepares for a strong 2023 as new management implements ‘robust’ plans
“In keeping with recent management and other changes in the company, and the transformational year ahead which should see the company achieving some critical milestones, the board has recommended a name change to reflect this,” commented Altaley CEO Mike Struthers.
“This is all about consolidating the foundation for the company as a Mexican producer and developer, creating a solid platform for future growth.”
Other corporate updates
The company also announced that it has entered into a series of debt settlement agreements in respect of C$ $9,439,318.54 of debts owed to various creditors.
Pursuant to the debt settlements, the company will issue an aggregate of 20,976,263 shares, at a deemed price of $0.45 per share, Altaley said.
Further, the company has entered into a corporate finance advisory agreement with Fort Capital Partners.
Altaley said it has retained Fort Capital Partners to provide corporate finance and related advice for a minimum period of 12 months in consideration of a monthly retainer and the grant of 250,000 non-transferable share purchase warrants, with each warrant exercisable into one share at a price of $0.50 per share for a period of three years from the date of issuance.
The company's CEO Struthers noted that Altaley was very pleased to have the support of several of its creditors through these debt settlement agreements, allowing it to start the process of improving its balance sheet.
“In the short term this allows us to focus treasury on achieving our goals for this year, whilst reducing the company’s debt burden to support longer-term growth,” he said.
“This is the first of a series of such initiatives aimed at strengthening the company for the future. The support and advice from Fort Capital will also help guide us through this period of consolidation.”
Altaley is a Canadian-based mining company with two 100% owned Mexican gold, silver, and base metal mining projects.
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