Vancouver, British Columbia--(Newsfile Corp. - March 13, 2025) - Flow Metals Corp. (CSE: FWM) ("Flow Metals" and/or the "Company") is pleased to announce it is continuing to improve its cash flow through a debt conversion plan. This plan allows a non-arms-length creditor to convert $300,000 into a secured convertible debenture maturing on March 13, 2027 (the "Debenture").
The Debenture shall bear interest at a rate of 8% calculated from the issue date. Flow Metals reserves the right to repay the Debenture, without penalty, in whole or in part, prior to the Maturity Date, on 30 days prior written notice to the holders of the Debenture in advance of repayment or redemption.
The principal amount of the Debenture shall be convertible, for no additional consideration, into Shares at the option of the holder at any time prior to the Maturity Date at a conversion price equal to $0.05 per Common Share (the "Conversion Price").
The Company also announces that pursuant to the option agreement dated March 23, 2019 to acquire the Sixtymile Property, it has entered into debt settlement agreements ("Settlement Agreements") with the vendors of the Sixtymile Property to settle the annual advanced royalty payment of $30,000 (the "Debt Settlement").
Pursuant to the Settlement Agreements, the Company has issued an aggregate of 500,000 Common shares at a deemed price of $0.06 per Common share.
Securities issued pursuant to the Settlement Agreements will be subject to a statutory hold period of four months plus a day from issuance in accordance with applicable securities laws.
Project Updates
Sixtymile, Yukon:
The Class 3 permit application has progressed to the Evaluation stage. The company plans to drill the Easter Egg high-grade gold target to test continuity along the 9 kilometre strike with 10 near vertical diamond holes to allow for maximum penetration of rock units while still intercepting the gold bearing structures at an optimal angle. The required budget is estimated at $1,000,000.
New Brenda, British Columbia:
A notice of work application and mine permit amendment has been submitted with a request for a single year drill permit to drill test the XP porphyry target. Following the successful Induced Polarization (IP) survey over XP, the company is planning a follow-up maiden drill program. The program will consist of 4-300 metre diamond holes to test the anomaly underlying the main surface showing. The required budget is estimated at $500,000.
The company intends to fund both projects through private placement.
About Flow Metals
Flow Metals is a mining exploration company focused on advancing two 100% owned road access projects in established mining districts. Sixtymile is a Yukon gold project in the Sixtymile placer district and New Brenda is a copper-silver-molybdenum porphyry project in British Columbia's Quesnel terrane.
For further information, please contact:
Scott Sheldon, President
604.725.1857
scott@flowmetals.com
Forward-Looking Information
This press release may include "forward-looking information" (as that term is defined by Canadian securities legislation), concerning the Company's business. Forward-looking information is based on certain key expectations and assumptions made by the Company's management, including future plans for the exploration and development of its mineral properties, future production, reserve potential, and events or developments that the Company expects. Although the Company believes that such expectations and assumptions are reasonable, investors should not rely unduly on such forward-looking information as the Company can give no assurance, they will prove to be correct. Forward-looking statements contained in this press release may include, but are not limited to, the terms and completion of the Offering, the renouncement of exploration expenditures and use of proceeds. The Company disclaims any intent or obligation to publicly update any forward-looking information (whether because of new information, future events or results, or otherwise) other than as required by applicable securities laws. There are several risk factors that could cause future results to differ materially from those described herein. Information identifying risks and uncertainties is contained in the Company's filings with the Canadian securities regulators, which filings are available at sedarplus.ca.
The Canadian Securities Exchange (operated by CNSX Markets Inc.) has neither approved nor disapproved of the contents of this news release.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/244464
