St. Augustine Gold and Copper Completes Debt Conversion of $1,670,207

St. Augustine Gold and Copper Limited has completed a debt settlement with Queensberry Mining and Development Corp. The company issued 25,306,166 common shares at a deemed price of $0.066 per share in consideration for the settlement of CAD $1,670,207. The transaction is a related party transaction and was exempt from minority approval and formal valuation requirements. The debt conversion is a top priority mining project in the Philippines and is listed as one of the largest undeveloped copper-gold deposits in the world.

St. Augustine Gold and Copper Limited (TSX: SAU) has completed a debt settlement transaction with Queensberry Mining and Development Corp., converting CAD $1,670,207 of debt into 25,306,166 common shares at $0.066 per share [1]. The transaction, previously announced on June 2, 2025, qualifies as a related party transaction under MI 61-101 but is exempt from minority approval and formal valuation requirements as the transaction value is below 25% of the company's market capitalization [1].

The debt settlement, announced on June 19, 2025, saw St. Augustine issue an aggregate of 25,306,166 common shares to settle the debt [2]. The company's King-king Copper-Gold Project, one of the largest undeveloped copper-gold deposits in the world, is listed as a top three-priority mining project by the Philippine government [2].

This transaction is a strategic move for St. Augustine, as it aims to reduce its debt burden and focus on the development of its key mining project. The company's forward-looking statements, however, include risks and uncertainties related to market conditions, governmental or regulatory developments, and general economic conditions [2].

References:
[1] https://www.stocktitan.net/news/RTLGF/st-augustine-gold-and-copper-limited-announces-completion-of-debt-pqs411zqe0yt.html
[2] https://www.newsfilecorp.com/release/256103/St.-Augustine-Gold-and-Copper-Limited-Announces-Completion-of-Debt-Conversion-of-1670207