In addition, the directors of the company have approved a share consolidation on a one-new for three-old basis. Ironside was previously known as Papuan Precious Metals Corp and apart from its PNG exploration properties, it also has projects in Saudi Arabia.

In PNG, Ironside has the New Hanover gold-copper project, which is on New Hanover Island 60km west of the provincial capital Kavieng in New Ireland Province . Access is by a two-hour boat journey from Kavieng.

The company will issue the following post consolidated shares: RD Capital Inc 1,518,518; Richard Matthews 637,037; and Ross McElroy 1,274,074 for a total of 3,429,629 post consolidated shares.

CEO Dev Randhawa said that the shares to be issued will be subject a four-month hold period.

The debt settlement will enable the Canadian-domiciled company to better pursue investment opportunities in both the resource and non-resource sectors.