Thunder Bay, Ontario, January 31, 2020 - Red Metal Resources Ltd. (OTCPINK:RMES) (“Red Metal”, or the “Company”) announces that on January 30, 2020, the Company entered into debt settlement agreement (the “Agreement”) with Ms. Caitlin Jeffs, the Company’s CEO, President, and a Director, whereby the Company agreed to convert USD$167,103.91 the Company owed to Ms. Jeffs under convertible notes payable into 3,713,420 shares of the Company’s common stock (the “Shares”) at a deemed price of $0.045 per Share.
The Shares were issued pursuant to the provisions of Regulation S of the United States Securities Act of 1933, as amended (the “Act”) relying on Ms. Jeffs’ representations that she was not a “U.S. Person” as that term is defined in Rule 902(k) of Regulation S promulgated under the Act, as amended, and that she was not in the United States at the time the Shares were issued.
For further information, please refer to Form 8-K the Company filed with the Securities and Exchange Commission on January 31, 2020.
About Red Metal Resources Ltd.
Red Metal Resources is a mineral exploration company focused on aggressive growth through acquiring, exploring and developing copper-cobalt-gold assets in Chile. Our projects are located in the prolific Candelaria iron oxide copper-gold (IOCG) belt of Chile’s coastal Cordillera. Red Metal is quoted on the OTC Pink Sheets under the symbol RMES. For more information, visit www.redmetalresources.com.
Red Metal Resources Ltd.
Caitlin Jeffs, P.Geo, CE