The TSX Venture Exchange has accepted for filing the company's proposal to issue 14,528,416 shares and 7,264,208 share purchase warrants to settle outstanding debt for $1,016,989.17.
Number of creditors: Two creditors
Insider: Lake Forest Development Corp. (Geoff Hampson), $837,073.46, 11,958,192 shares at seven cents
Warrants: 7,264,208 share purchase warrants to purchase 7,264,208 shares
Warrant exercise price: 10 cents for a two-year period (If the closing price of the company's shares is 75 cents or greater for a period of 10 consecutive trading days, then the warrantholders will have 30 days to exercise their warrants; otherwise the warrants will expire on the 31st day.)
Certain shares issued will be subject to resale restrictions.
The company shall issue a news release when the shares are issued and the debt extinguished.
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