TORONTO, Sept. 04, 2025 (GLOBE NEWSWIRE) --
Future Mineral Resources Inc. (formerly Sulliden Mining Capital Inc.) ("Future Mineral" or the "Company") (TSX: SMC) is pleased to announce that (i) it has changed its name from Sulliden Mining Capital Inc. to Future Mineral Resources Inc. and (ii) the board of directors of the Company has authorized the implementation of a consolidation (the "Consolidation") of the Company's common shares (the "Shares") on the basis of one post-Consolidation Share for every 10 pre-Consolidation Shares, each effective September 5, 2025.
Future Mineral currently has 166,875,979 Shares issued and outstanding. Following completion of the Consolidation, the Company will have approximately 16,687,597 Shares issued and outstanding. No fractional Shares will be issued pursuant to the Consolidation; fractional Shares will be disregarded and cancelled without any payment of capital or other compensation. The exercise or conversion price and the number of Shares issuable under any of Future Mineral outstanding convertible securities will be proportionately adjusted upon completion of the Consolidation.
Subject to approval of the Toronto Stock Exchange ("TSX"), trading of the Company's shares on a post-Consolidation basis under the new name and new ticker "FMR" is expected to commence when markets open on or about September 9, 2025, under the new CUSIP and ISIN numbers 361155104 and CA3611551043, respectively.
Finally, the Company is also pleased to announce that it has strengthened its balance sheet by entering into and closing four shares for debt agreements (collectively, the "Settlement Agreements"), each dated July 29, 2025, with 2227929 Ontario Inc. ("222"), a company controlled by Fred Leigh, a director and the chief executive officer of the Company, and three other private companies (collectively, the "Consultants"), two of which are controlled by former directors and officers of the Company.
Pursuant to the Settlement Agreements, following receipt of TSX conditional approval, the Company has issued an aggregate of 12m and 24.3m Shares on a pre-Consolidation basis at a deemed price per share of approximately $0.05 in payment of approximately $696,234 and $1,242,334 of its outstanding indebtedness owed to 222 and the Consultants, respectively (the "Settlements").
In accordance with applicable securities laws, the Common Shares issued are subject to a hold period of four months and one day ending on January 3, 2026.
As noted above, 222 is controlled by a director and officer of Sulliden and is therefore a "related party" of the Company pursuant to Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions ("MI 61-101"). Although pursuant to MI 61-101 the Settlement as it relates to 222 constitutes a "related party transaction", the Company expects to rely on exemptions from the formal valuation and minority shareholder approval requirements of MI 61-101. The Company did not file a material change report more than 21 days before closing the Settlements as the Company was in the process of concurrently discussing both the terms of the Settlement transactions as well as the name change and Consolidation with the TSX and wished to coordinate closing the Settlements immediately prior to the name change and Consolidation, each of which requires several time-sensitive steps.
About Future Mineral
Future Mineral is a mining company focused on acquiring and advancing brownfield, development-stage and early production-stage mining projects in the Americas, Australia, Africa, and Europe.
Future Mineral Resources Inc.
On behalf of the Board
"Fred Leigh", Chief Executive Officer
info@sulliden.com
(416) 861-2267
Cautionary Notes
This press release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. Forward-looking information includes, but is not limited to, statements with respect to the name change, 10:1 share consolidation, and Settlements and the issuances of Shares pursuant thereto. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company, as the case may be, to be materially different from those expressed or implied by such forward-looking information, including but not limited to: receipt of necessary approvals. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
