Spanish Mountain Gold Ltd (TSX-V:SPA, OTC:SPAZF) has entered a debt settlement agreement with Whittle Consulting Ltd. to resolve $379,720 in outstanding debt.
The company will pay $14,320 in cash and issue 2,110,919 common shares at $0.1731 per share. The debt stems from past services provided by Whittle.
The settlement is subject to TSX Venture Exchange approval and the shares will be subject to a four-month plus one day hold period.