Vancouver, B.C., January 19, 2015 — Paget Minerals Corp. ("Paget" or the "Company") (TSXV: PGS) wishes to announce that it has entered into a debt settlement agreement with a creditor of the Company pursuant to which the Company has agreed to issue an aggregate of 882,968 common shares ("Shares") at a deemed price of $0.05 per Share in order to settle certain obligations of the Company under an option agreement dated August 17, 2012, as amended on April 25, 2013. The Company decided to satisfy this outstanding indebtedness with Shares in order to preserve its cash for operations.
The Agreement is subject to the approval of the TSX Venture Exchange (the "Exchange"). The Company will issue the Shares once the debt settlement transaction has been approved by the Exchange.
About Paget Minerals Corp.
Paget Minerals Corporation is a publicly traded resource company focused on mineral exploration and the advancement of its Ball Creek Project in British Columbia. Ball Creek comprises a 52,442-hectare, contiguous mineral tenure package in the Golden Triangle – Iskut Mineral District located just 8km west of Highway 37 and only 36km northwest of the new Northwest Transmission Line Substation at Bob Quinn. Ball Creek neighbors three major mine development projects in the region — Galore Creek, Schaft Creek and Red Chris. David Volkert, President and CEO, serves as the Qualified Person under the definitions of NI 43-101.
On behalf of the Board of Paget Minerals Corp.,
"David F. Volkert"
President & CEO
This news release contains forward-looking statements and forward-looking information (together, "forward-looking statements") within the meaning of applicable Canadian and United States legislation. Forward-looking statements involve risks, uncertainties and other factors that could cause actual results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially from these forward-looking statements include those risks set out in the Company's public documents filed on SEDAR at www.sedar.com. Although the Company believes that the assumptions and factors used in preparing the forward-looking statements are reasonable, undue reliance should not be placed on these statements, which only apply as of the date this news release, and no assurance can be given that such events will occur in the disclosed times frames or at all. Except where required by law, the Company disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.
The TSX Venture Exchange has neither approved nor disapproved of the contents of this press release. Neither the 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 press release.