Mr. John Campbell reports
BEVCANNA ANNOUNCES CLOSING OF DEBT SETTLEMENT
Further to Bevcanna Enterprises Inc.'s press release dated Dec. 21, 2023, it has settled debt in the aggregate amount of $2,909,633.31 owed by the company to certain
creditors of the company in exchange for 29,096,332 common shares
at a deemed price of 10 cents per debt settlement share.
All of the debt settlement shares issued pursuant to the debt settlement are subject to a statutory hold
period of four months plus one day.
The debt settlements with Marcello Leone, John Campbell, Martino Ciambrelli, Bruce Dawson-Scully,
Howard Blank and William Macdonald (collectively, the insider settlements) are related party
transactions within the meaning of Multilateral Instrument 61-101 -- Protection of Minority Security
Holders in Special Transactions. The insider settlements are exempt from the valuation
requirement of MI 61-101 by virtue of the exemptions contained in Section 5.5(b) of MI 61-101 as the
company's common shares are not listed on a specified market and from the minority shareholder
approval requirements of MI 61-101 by virtue of the exemption contained in Section 5.7(1)(a) of MI 61-
101 in that the fair market value of the insider settlements will not exceed 25 per cent of the company's
market capitalization. As the material change report disclosing the insider settlements is being filed less
than 21 days before the transaction, there is a requirement under MI 61-101 to explain why the shorter
period was reasonable or necessary in the circumstances. In the view of the company, it is necessary to
immediately close the insider settlements and therefore, such shorter period is reasonable and
necessary in the circumstances to improve the company's financial position.
About Bevcanna Enterprises Inc.
Bevcanna Enterprises is a diversified lifestyle and wellness consumer packaged goods company. Bevcanna develops and manufactures a range of alkaline, mineralized and cannabinoid beverages and supplements for both in-house brands and white-label clients.
Based in British Columbia, Canada, Bevcanna owns a pristine alkaline spring water aquifer and a high-capacity 40,000-square-foot Health Canada and HACCP certified flexible manufacturing facility in Osoyoos, B.C. The company's extensive distribution network includes traditional and regulated retail distribution and on-line through its market-leading brands.
© 2024 Canjex Publishing Ltd. All rights reserved.