Mirasol Resources Announces Shareholder Loan Transaction

/EIN News/ -- VANCOUVER, British Columbia, March 14, 2025 (GLOBE NEWSWIRE) -- Mirasol Resources Ltd. ("Mirasol") is pleased to announce that it has obtained a loan of $2,000,000 (the “Loan”) from Mr. John Tognetti, a director and control person of Mirasol.  The Loan bears interest at the rate of 10% per annum, is payable at the end of one year, may be repaid at any time without penalty and is secured by a General Security Agreement.  Mirasol expects to use the Loan proceeds primarily to pay its arm’s length creditors and for general working capital.

In connection with the Loan, the Company has issued an aggregate of 500,000 common shares (the “Bonus Shares”) to Mr. Tognetti.  The aggregate value of the Bonus Shares equals 10% of the principal amount of the Loan.

Due to Mr. Tognetti’s relationship with Mirasol, the Loan transaction (including issuance of Bonus Shares) is deemed to be a related party transaction under Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (“MI 61-101”).  The Loan transaction is exempt from the requirement for a formal valuation and minority approval in accordance with, respectively, sections 5.5(b) and 5.7(a) of MI 61-101, as Mirasol is listed on the TSX Venture Exchange and the fair market value of the Loan transaction does not exceed 25% of Mirasol’s market capitalization.  There is less than 21 days between the date of the Loan and the filing date of the related material change report due to Mirasol’s need for the Loan proceeds to pay creditors.

The Bonus Shares will be subject to a four month hold period commencing from the date of issuance thereof. The Loan and Bonus Shares are subject to acceptance by the TSX Venture Exchange.

For further information, contact:

Tim Heenan, President & CEO
or
Troy Shultz, Vice President Investor Relations

Tel: +1 (604) 602-9989
Email: contact@mirasolresources.com
Website: www.mirasolresources.com

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 release.