The TSX Venture Exchange has accepted for filing the company's proposal to issue 16,666,667 common shares at a deemed price of six cents per common share to settle outstanding debt for $1-million, in connection to the conversion of debt related to the termination of four memorandum of understandings regarding a proposed joint venture. The creditor is a non-arm's length party to the company.
Number of creditors: one creditor
Aggregate non-arm's-length party involvement:
one party, $1-million, six cents, 16,666,667 shares
The company shall issue a news release when the shares are issued and the debt extinguished.
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