07:20 AM EST, 01/28/2025 (MT Newswires) -- Tajiri Resources ( TAJIF ) said overnight Monday that it agreed to issue 4,030,640 shares in exchange for the cancellation of $201,532 in outstanding debt to some of its officers and a service provider.

The company said it issued the shares at $0.05 apiece.

Of the total $201,532 debt being converted, $120,000 represents amounts owed to insiders of the company who are participating in the shares-for-debt transaction.

Meanwhile, Tajiri said it is working to close its acquisition of the Yono gold property in Guyana.

The company noted that the purchase involves issuing shares to certain insiders of the company who are participating in the transaction.

Tajiri plans to rely on exemptions for related party transactions to allow the acquisition to proceed without a formal valuation or minority shareholder approval.