Champion Bear Completes Shares for Debt Transaction

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CALGARY, Alberta, April 22, 2020 (GLOBE NEWSWIRE) -- Champion Bear Resources Ltd. (TSXV: CBA-V) ("Champion Bear" or the "Company") announces that it has settled and extinguished $528,445.97 of Champion Bear's outstanding debt (the "Debt") through the issuance of common shares of the Company ("Common Shares").  In accordance with settlement of Debt (the "Debt Settlement"), the Company issued 3,522,972 Common Shares at a deemed price of $0.15 per Common Share to eight creditors of the Company.  Included among those exchanging their debt for Common Shares is Champion Bear's driller, Distinctive Drilling, and Jessica Borysenko, P. Geol., who has provided services in relation to the company's Eagle Rock property.  The Company chose to settle and extinguish the Debt through the issuance of Common Shares to preserve cash and improve the Company's balance sheet.  The Debt Settlement was approved by the TSX Venture Exchange on April 13, 2020. The Common Shares issued pursuant to the Debt Settlement are subject to a four month hold period, which will expire on the date that is four months and one day from the date of issuance.

The Debt Settlement involved the issuance of an aggregate of 2,206,232 Common Shares to certain directors and officer and/or companies controlled and directed by such directors and officers (collectively, the "Related Parties"). In particular, an aggregate of 1,000,000 Common Shares have been 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; an aggregate of 200,000 Shares have been 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; and an aggregate of 116,740 Shares have been 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.