Cash Minerals Announces Issuance of Shares for Debt
Cash Minerals Ltd. announced that it has successfully reached a settlement agreement with a creditor of the Company to re-structure $352,450 in outstanding net debt as at September 29, 2008. Cash Minerals will settle the outstanding amount through the issuance of 2,000,000 common shares of the Company. This transaction is subject to TSX Venture Exchange approval. Following the completion of this debt settlement, Cash Minerals will have 119,135,952 common shares issued and outstanding.
Cash Minerals is a Canadian-based energy company focused on uranium and coal exploration. Under an agreement with joint venture partner Mega Uranium Ltd., Cash Minerals can maintain a 75% working interest in the highly prospective Igor property, located in the Wernecke Uranium District, Yukon, by completing a bankable feasibility study on the Igor property by December 31, 2012. Wernecke Uranium properties include numerous iron-oxide copper-gold-uranium (IOCG-U) and structurally-controlled hydrothermal uranium targets. The Company also holds a measured resource of 52.5 million tonnes of high volatile “B” bituminous coal (refer to NI 43-101 report dated December 21, 2005). This resource is located on a portion of the Division Mountain property, which occupies less than five percent of Cash Minerals’ total coal leases in the Yukon.
