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Azarga Metals issues shares to settle debts

In total, just over 1.24mln Azarga shares were issued
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Azarga Metals Corp (CVE:AZR) is to settle some debts of its 60%-owned subsidiary, Azarga Metals Ltd, through the issue of shares.

When Azarga acquired the subsidiary in March 2016 it assumed the obligation to repay existing loans of US$766,709, and make the interest payments.

Azarga said US$92,005 in interest is now due and the lenders have agreed to accept 709,751 Azarga shares in lieu of payment.

As part of the acquisition, Azarga also committed to pay the minority shareholders in the acquired company US$80,000 by 1 June. The minority shareholders have agreed to accept 514,283 Azarga shares in lieu of this payment.

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