Headquartered in Calgary, Alberta, Coastal Pacific Mining Corp. announced late Wednesday that the Company has determined to restructure and retire the majority of their current outstanding debt. They are doing this via a debt settlement to various creditors of the Company. This is to enable the Company to raise funds more easily so they can pursue a property acquisition currently under negotiation. This is also to finance the required work programs on the property. Coastal Pacific Mining Corp. also announced an appointment to their Board of Directors.
The Company has entered into debt settlement agreements with various creditors. These agreements are to settle $267,803.97 of Company debt through the issuance of 53,560,794 shares of common stock of the Company at a deemed price of $0.005 per common share.
Concerning the settlement of debt, Coastal Pacific Mining Corp. has issued 36,882,784 shares of the Company to Ox Financial Corp. to settle $184,413.92 of the above-disclosed debt. The settlement to Ox Financial Corp. has resulted in a change in control of the Company. Ox Financial Corp. owns a total of 41.02 percent of the total issued and outstanding shares of Coastal Pacific Mining Corp. pursuant to the issuance of the shares for debt. Mr. Bucci, a director of Coastal Pacific Mining Corp. is the sole shareholder of Ox Financial Corp.
Coastal Pacific Mining Corp. is negotiating on the acquisition of 7 claim units. These are in Swayze Greenstone within Greenlaw Township, approximately 60 kilometers south of Chapleau, Ontario. The Swayze Greenstone belt is an extension of the Abitibi Greenstone belt and the west Porcupine mining camp. The Company expects to finalize this acquisition in the following week and will update when finalized.
In addition, Coastal Pacific Mining Corp. appointed Joseph Bucci to the Board of Directors of the Company yesterday. Mr. Bucci is a self-employed corporate business consultant with Ox Financial Corp. For the past five years, Mr. Bucci has been with Ox Financial Corp.
Having previously been on the Board of Directors of many public reporting issuers, this will be his only public company Board position. Ox Financial Corp. is a major creditor of the Company and Mr. Bucci has provided consulting services to the Company through Ox Financial Corp. Ox Financial Corp. is a company engaged in mining management operation among other activities.