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VANCOUVER, BRITISH COLUMBIA--(Marketwired - Feb 15, 2016) - Group Ten Metals Inc. (TSX VENTURE:PGE)(FRANKFURT:5D31) (the "Company" or "Group Ten") announces that the Company has entered debt settlement agreements with creditors to settle $888,045.52 of outstanding debt by way of a write-off and the issuance of 9,382,874 common shares. A total of $723,287.39 of debt will be settled at $0.10 per share while a further $107,500.00 will be settled at $0.05 per share, including $47,000 of debt owed to Michael Rowley and MVR Consulting, a company controlled by Michael Rowley, President and CEO of the Company. In addition Mr. Rowley is writing off $57,258.13 in debt owed to him by the Company.
The settlements are subject to TSX Venture Exchange approval, and settlement shares will be subject to a four-month hold period. The settlements will not create a new control person holding more than 20% of the issued and outstanding shares of the company.
About Group Ten Metals Inc.
Group Ten Metals Inc. is a mineral exploration company with a particular focus on deposits of platinum group metals (PGM), nickel, copper and gold. The Company is specifically focused on the Kluane Ultramafic Belt in the southwest Yukon Territory where it controls the premier land position in this emerging world-class PGM district including properties adjoining Wellgreen Platinum Ltd's Wellgreen deposit.
On Behalf of the Board of Directors
GROUP TEN METALS INC.
Michael Rowley, President & Director
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Statements which are not purely historical are forward-looking statements, including any statements regarding beliefs, plans, expectations or intentions regarding the future.
It is important to note that actual outcomes and the Company's actual results could differ materially from those in such forward-looking statements. Risks and uncertainties include, but are not limited to, economic, competitive, governmental, environmental and technological factors that may affect the Company's operations, markets, products and prices. Readers should refer to the risk disclosures outlined in the Company's Management Discussion and Analysis of its audited financial statements filed with the British Columbia Securities Commission.
Group Ten Metals Inc.
President & Director
(604) 681 1568