Vancouver, BC – TheNewswire – October 22, 2026 – Tana Resources Corp. (“Tana” or the “Company”) (CSE: TANA) announces that it has entered into debt settlement agreements with certain creditors of the Company to settle an aggregate of $493,688 of outstanding indebtedness through the issuance of an aggregate of 9,873,763 common shares of the Company at a deemed price of $0.05 per share (the “Debt Settlement”).
The indebtedness consists of accrued management, consulting and professional geological fees, corporate services fees, office rent, and loans and accrued interest owing to certain creditors of the Company. Settling the indebtedness in common shares allows the Company to preserve its cash for exploration and working capital.
Closing of the Debt Settlement is expected on or about October 28, 2026, subject to compliance with the policies of the Canadian Securities Exchange (the “CSE”). All common shares issued under the Debt Settlement will be subject to a statutory hold period of four months and one day from the date of issuance in accordance with applicable Canadian securities laws.
Certain insiders of the Company, being directors and officers of the Company and companies controlled by them, will participate in the Debt Settlement, settling an aggregate of $187,870 of indebtedness in consideration for the issuance of an aggregate of 3,757,402 common shares.
The participation of the insiders in the Debt Settlement is a “related party transaction” within the meaning of Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (“MI 61-101”). The Company intends to rely on the exemptions from the formal valuation and minority shareholder approval requirements of MI 61-101 contained in sections 5.5(b) and 5.7(1)(a) of MI 61-101, as no securities of the Company are listed on a specified market under MI 61-101 and, at the time the transaction was agreed to, neither the fair market value of the securities to be issued to, nor the fair market value of the consideration to be received from, the insiders exceeds 25% of the Company’s market capitalization.
The Company does not expect to file a material change report more than 21 days before the closing of the Debt Settlement, as the details of the insiders’ participation were not settled until shortly before the announcement and the Company wished to complete the Debt Settlement in an expeditious manner.
The Debt Settlement will not result in the creation of a new control person of the Company.
About Tana Resources Corp.
Tana Resources Corp. is a Canadian mineral exploration company focused on the acquisition and development of high value mining projects. The Company holds the Thackeray project, a 4,385 hectare road-accessible gold and base metal property in the Abitibi Greenstone Belt, located 21 kilometres north of Kirkland Lake, Ontario. The Company’s objective is to build shareholder value through the acquisition and exploration of projects with significant technical merit. The Company’s management team has many years of experience in exploration, finance and efficient public company management.
For additional information, please visit the Company’s website at www.tanaresources.ca .
On Behalf of the Board of Directors,
“Vartan Korajian”
President and CEO
For further information, please contact:
778-855-3994
Email: vic@tanaresources.ca
Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.
Notice Regarding Forward-Looking Statements
This news release contains forward-looking statements, including statements regarding the Debt Settlement, the number of common shares to be issued, the participation of insiders, the expected closing date and compliance with the policies of the Canadian Securities Exchange. Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from those anticipated, including the risk that the Debt Settlement is not completed on the terms or timing described, or at all. Although the Company believes the expectations reflected in its forward-looking statements are reasonable, it cannot guarantee future results. The Company disclaims any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law.
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