Mukuba Resources Limited Announces Closing of Debt Settlement

TORONTO, ONTARIO--(Marketwired - Jan. 24, 2017) - Mukuba Resources Limited ("Mukuba" or the "Company") (TSX VENTURE:MKU) announces that it has completed the debt settlement described in its press release of November 17, 2016.

Mukuba settled an aggregate of $117,011.74 of debt owed to arm's length parties in consideration for the issuance of 1,560,156 common shares of the Company at a deemed price of $0.075 per share. The securities issued are legended and restricted from trading until May 25, 2017.

About Mukuba Resources

Mukuba does not currently have any undertaking or operating assets. Mukuba is seeking interests in viable projects in any sector which could create shareholder value. Any transaction Mukuba seeks to complete is subject to regulatory approval. Future announcements will be made on the progress of Mukuba.

No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. Neither the TSX-V nor its Regulation Services Provider (as that term is defined in the policies of the Exchange) accepts responsibility for the adequacy of this release.

Forward-Looking Information

CAUTIONARY STATEMENT: This News Release includes certain "forward-looking statements". All statements other than statements of historical fact, included in this release, including, without limitation, future plans and objectives of the Company, are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's expectations are the risks detailed herein and from time to time in the filings made by the Company with securities regulators including the following: (i) there is no assurance that the debt settlement can be completed on the terms as announced or at all; (ii) Mukuba has stopped commercial operations and has no history of profit; (iii) investment in the common shares of Mukuba is highly speculative given the unknown nature of Mukuba's business and its present stage of development; (iv) there is no assurance that Mukuba will find a profitable undertaking or that it can successfully conclude a purchase of such an undertaking at all or on terms which are commercially acceptable; (v) the directors and officers of Mukuba will only devote a portion of their time to the business and affairs of Mukuba and some of them are or will be engaged in other projects or businesses such that conflicts of interest may arise from time to time; and (vi) there can be no assurance that an active and liquid market for Mukuba's common shares will develop and an investor may find it difficult to resell its common shares. This list is not exhaustive of the factors that may affect any of Mukuba's forward-looking statements. These and other factors should be considered carefully and readers should not place undue reliance on Mukuba's forward-looking statements. Although Mukuba believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. Mukuba disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.