Zacapa Resources Settles Debt For Equity

VANCOUVER, BC, December 16, 2022 /CNW/ – Zacapa Resources Ltd. (TSXV: ZACA) (OTCQB: ZACAF) (DE: BH0) (“Zacapa” or “Company”) announces that the Company has agreed to settle an outstanding debt of CAD $209,703 (the “Debt”) to an independent creditor by issuing an aggregate of 2,097,033 common shares of the Company (the “Common Shares”) at a price of $0.10 per common share (the “Debt Transaction Shares”). The Board has determined that it is in the Company’s best interest to settle the outstanding debt through the issuance of the common stock to preserve the Company’s cash resources for ongoing operations.

Closing of the Shares for Debt transaction is subject to customary closing conditions, including prior approval of the TSX Venture Exchange and compliance with TSX Venture Exchange Policy 4.3 Shares for Debt. The Company intends to close the shares for the debt transaction as soon as practicable after receiving approval from the TSX Venture Exchange. The common shares to be issued pursuant to the Shares for Debt Transaction will be subject to a four (4) month and one (1) day hold period from the date of issuance.

About Zacapa Resources

Zacapa is a mineral exploration company engaged in responsible exploration for the new energy economy. Its projects are focused on world-class jurisdictions in the US Southwest, including Arizona, Nevadaand Idaho. The portfolio includes porphyry copper projects at Red Top and Pearl and epithermal gold projects at South Bullfrog and Mueller Berg. These assets are being advanced by a highly disciplined and experienced professional team with a successful track record of discovery, resource development and mine permitting.

For more information, visit All documents are available on Zacapa’s profile page on SEDAR at

On behalf of the Board of Directors,

Adam Melnik

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. Certain information in this press release may contain forward-looking statements that involve significant known and unknown risks and uncertainties. All statements contained herein, other than statements of historical fact, are forward-looking. Although Zacapa believes that the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Zacapa cautions that all forward-looking statements are inherently uncertain and that actual performance may be affected by a number of factors, many of which are beyond Zacapa’s control. Accordingly, actual and future events, conditions and results could differ materially from the estimates, beliefs, intentions and expectations expressed or implied in the forward-looking information. Readers are advised to rely on their own assessment of such uncertainties. Except as required by applicable securities laws, Zacapa undertakes no obligation to publicly update or revise any forward-looking information.

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