Champion Bear Announces Shares for Debt Filing

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CALGARY, Alberta, Feb. 04, 2020 (GLOBE NEWSWIRE) -- Champion Bear Resources Ltd. (TSXV: CBA-V) ("Champion Bear" or the "Company") announces that it has filed a shares for debt application (the "Application") with the TSX Venture Exchange to satisfy an aggregate of  $528,445.97 of Champion Bear's outstanding debts. Champion Bear has reached agreements with certain of its creditors who have either provided loans or services to the Company to extinguish, or partially extinguish, certain of the Corporation's outstanding debts owing to them in exchange for the issuance of common shares ("Shares") of the Corporation. The creditors include certain related parties of the Company, including Richard Kantor, the Company's President and Jason Hastie, the Company's Chief Financial Officer and Frederick Plomp and Jessica Borysenko each of whom are directors (collectively, the "Related Parties"). Every other creditor, with the exception of the Related Parties, is an arm's length party who is either a creditor or provided consulting services to the Company.

An aggregate of 3,522,972 Shares at a deemed price of $0.15 per Share are proposed to be issued to the creditors pursuant to this Application which includes an aggregate of 2,206,232 Shares to be issued to the Related Parties. An aggregate of 1,000,000 Shares are proposed to be issued to the Company's Chairman and President representing $150,000 in partial extinguishment of the aggregate amount of $1,266,069.66 owing to him personally and to a holding company he controls and directs for services rendered in his capacity as the President. An aggregate of 200,000 Shares are proposed to be issued to the Company's Chief Financial Officer representing $30,000 in extinguishment of the debt owing to him personally and to a holding company he controls and directs for services rendered in his capacity as Chief Financial Officer. An aggregate of 116,740 Shares are proposed to be issued to two directors representing an aggregate of $17,511.07 in extinguishment of the debt owing to them and/or holding companies they control for consulting services rendered.