EGR Exploration Ltd. announced that it has entered into a debt settlement agreement with its largest third-party creditor for a private placement of convertible note for proceeds of CAD 150,000 on October 27, 2022. The convertible note is comprised of a two-year term, 0% interest and is convertible into common shares on the company at a conversion price of CAD 0.18 per common share in the first year, and at the greater of i) market price and ii) CAD 0.10 if converted in the second year. The transaction is subject to TSX Venture Exchange's approval.

All securities issued will be subject to a four-months and one day statutory hold period.