Mr. Jack Tasse reports
DELIVRA HEALTH ANNOUNCES PROPOSED SHARES FOR DEBT TRANSACTION
Delivra Health Brands Inc. has entered into a share-for-payable settlement agreement to satisfy an aggregate of approximately $90,000 of the company's outstanding payables related to services provided to the company. An aggregate of 9,999,999 common shares in the capital of the company at a deemed price of nine cents per share are proposed to be issued to the creditors. The creditors include related parties of the company, Frank Holler and Jason Bednar, directors of the company. The company is proposing to issue the shares in order to preserve cash to finance future operations.
The debt settlement transaction remains subject to the approval of the TSX Venture Exchange. The shares will be issued upon acceptance by the TSX-V and will be subject to a four-month-plus-one-day statutory hold period pursuant to the policies of the TSX-V.
The debt settlement transaction will constitute related party transactions pursuant to Multilateral Instrument 61-101 and Policy 5.9 of the TSX-V corporate finance manual. The company intends to rely on available exemptions from the formal valuation and minority shareholder approval requirements as provided for under sections 5.5(a) and 5.7(1)(a) of MI 61-101, respectively, as neither the fair market value of the subject matter of, nor the fair market value of the consideration for, the transactions, insofar as it involves related parties of the company, exceeds 25 per cent of the company's market capitalization. The participation by the related parties in the shares for payables settlement has been approved by directors of the company who are independent in connection with such transaction.
About Delivra Health Brands Inc.
Helping people take control of their health with alternative wellness solutions is what energizes the Delivra Health team! The Delivra Health portfolio features innovative brands like Dream Waterand LivRelief, which deliver relief from common everyday issues like chronic pain, anxiety and sleeplessness. Delivra Health products have allowed millions of customers to reclaim their mobility, energy and, in turn, quality of life.
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