TORONTO, Nov. 21, 2013 /CNW/ – Mr. Richard Perin (“Perin”) announces
that he has entered into a debt conversion agreement with Armistice
Resources Corp. (“Armistice”) and certain others pursuant to which
Perin has agreed to acquire common shares of Armistice in settlement of
certain debt obligations owed by Armistice. Armistice will issue
27,193,100 common shares (the “Settlement Shares”) to Perin, at an
effective price of $0.05 per share, in settlement of certain secured
debt that at the time of closing will be owed to Perin and will have an
outstanding principal amount of $1,359,655. The closing is subject to,
among other things, Armistice obtaining the required regulatory
approvals.

Perin and a joint actor (collectively, the “Perin Group”) collectively
own 3,889,770 common shares. Assuming no other new issuances of common
shares by Armistice except to Perin and certain other debtholders as
set out in the debt conversion agreement, the Settlement Shares will
represent 9.6% of the issued and outstanding common shares of Armistice
immediately upon the issuance thereof, and at such time the Perin Group
will collectively own 31,082,870 common shares, representing
approximately 10.9% of the then outstanding common shares.

Perin is acquiring the Settlement Shares pursuant to the debt conversion
agreement for investment purposes in settlement of an existing debt.
Perin and his joint actor will continue to monitor the business,
prospects, financial condition and potential capital requirements of
Armistice. Depending on their evaluation of these and other factors,
the Perin Group may from time to time in the future increase or
decrease their ownership, control or direction over the common shares
or other securities of Armistice through market transactions, private
agreements, subscriptions from treasury or otherwise.

SOURCE Mr. Richard Perin