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Vancouver, British Columbia--(Newsfile Corp. - December 12, 2024) - Crestview Exploration Inc. (CSE: CRS) (FSE: CE7) ("Crestview" or the "Company") has entered into a convertible loan agreement in the amount of US $49,549 effective November 30, 2024 with Dimitrios Liakopoulos, Chairman of the Board of the Company. The loan carries interest at a rate of 8% per annum calculated monthly, has a term of two years, and is repayable by on or before November 30, 2026 in cash or in shares of the Company. If repaid in shares, conversion to shares shall be at the then maximum discount to market as allowed by the Canadian Securities Exchange but in no event, at a conversion price less than $0.05 per share.
The principle comprises monies advanced to the Company during the period commencing in August 2024 through November 2024. The funds were used for claim renewal fees and expenses, CSE monthly fees, transfer agent fees and other sustaining costs.
The convertible loan is considered a "related party transaction" as defined for the purposes of Multinational Instrument 61-101 - Protection of Minority Security Holders in Special Transactions ("MI 61-101"). The related party transaction is exempt from the formal valuation and minority approved requirements pursuant to sections 5.5(a)and 5.7(1)(a) of MI 61-101 respectively, as neither the fair market value of the contemplated securities proposed to be issued to directors and officers of the Company, nor the proceeds for such securities received by the Company will exceed 25% of the Company's market capitalization, as calculated in accordance with MI 61-101. The potential Securities for Debt transactions do not result in any new insider or control person of the Company.
On Behalf of the Board of Directors,
"Chris Wensley", CEO
About Crestview Exploration Inc:
Crestview Exploration is an experienced exploration company focused on the exploration and development of its portfolio of gold and silver properties located in prolific mining districts of Nevada.
Rock Creek gold project is Crestview's flagship asset, with 74 unpatented lode mining claims wholly owned and controlled by CRS. The Rock Creek property was acquired in 2017, and the company went public in 2019. Emboldened by the results coming out of Rock Creek, Crestview strategically expanded on the land position with the acquisition of the nearby Divide Mine prospect in April 2020, and the acquisition of the Falcon silver-gold prospect in September 2022. Between the three properties, all targeting similar mineralization and likely the same hydrothermal system, Crestview now holds 260 total claims in close proximity of one another. These three gold prospects, along with the nearby Castile prospect, are situated in a region with proven "world class" gold deposits (including Midas, Jerritt Canyon, Betze-Post, Meikle, and Gold Quarry), where the potential of finding large, high-grade gold-silver deposits is favourable.