10:20:06 EDT Fri 26 Apr 2024
Enter Symbol
or Name
USA
CA



Maple Leaf Green World Inc
Symbol MGW
Shares Issued 116,316,427
Close 2016-09-29 C$ 0.445
Market Cap C$ 51,760,810
Recent Sedar Documents

Maple Leaf Green to issue 270,834 shares for debt

2016-09-29 19:33 ET - News Release

Mr. Raymond Lai reports

SHARES FOR DEBT AND OPTIONS GRANTED MAPLE LEAF GREEN WORLD INC.

Maple Leaf Green World Inc. has entered into an agreement dated as of Sept. 28, 2016, to settle certain indebtedness of the company to two directors, whereby it will issue shares from treasury in lieu of cash payments. Management has made this arrangement to help Maple Leaf preserve cash needed for the continued advancement of its California medical marijuana project. The first debt ($45,000) relates to accrued vacation pay for one its senior officers, and the other debt ($20,000) relates to certain services provided to the company by a director. In accordance with the rules of the TSX Venture Exchange, Maple Leaf has filed a shares-for-debt application with the exchange for approval of the issuance of a total of 270,834 shares at a deemed price of 24 cents per share, representing the permitted 25-per-cent discount to the closing price of the company's shares on the agreement date.

The company further announces that it has granted a total of 200,000 stock options to a recently elected director and a consultant to the company pursuant to the terms of Maple Leaf's stock option plan. The options are exercisable for a period of five years at a price of 24 cents per share, which represents the discounted market price of the company's shares on the date of grant. Upon acceptance of the shares-for-debt application by the exchange, the shares to be issued by the company will be subject to restrictions on resale for a specified period of not less than four months after the date of issue.

About Maple Leaf Green World

Maple Leaf is a Canadian company that focuses in the agricultural/environmental industry with four main areas of activity:

  • Canadian Marihuana for Medical Purposes -- It pursues opportunities within the medical cannabis industry. If and when an MMPR licence is obtained, and through an agreement to lease a greenhouse facility with Woodmere Nursery Ltd., it will become a Canadian producer. It is currently seeking Canadian MMPR licensed producer status to grow medical cannabis in Canada for domestic consumption and export to approved countries.
  • California project -- It pursues opportunities within the medical cannabis industry in various states that have legalized marijuana. It is currently in a joint venture with a California non-profit collective.
  • Eco-agriculture -- It pursues several projects around the world. In China, it is focused on growing value-added tree seedlings and nursery products that assist with anti-desertification.

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