Mr. Hector Bremner reports
AVRICORE HEALTH COMPLETES SHARES FOR DEBT TRANSACTION
Avricore Health Inc. has settled and extinguished $136,949 of the company's outstanding debt through the issuance of 5,477,965 common shares of the company at a deemed price of 2.5 cents per share. The debt settlement was accepted by the TSX Venture Exchange on July 10, 2020.
An aggregate of 1.9 million shares were issued to certain directors and officers of the company. The shares issued to the related parties are subject to a four-month-plus-one-day hold period pursuant to the policies of the TSX Venture Exchange.
"Those creditors and related parties participating in this shares-for-debt transaction are committed to preserving the company's cash reserves to support the company's long-term growth," said chief executive officer Hector Bremner.
The shares for debt transactions involving the related parties constitute a related-party transaction under Multilateral Instrument 61-101 (Protection of Minority Securityholders in Special Transactions). The company has relied on the exemptions from the valuation and the minority approval requirements of MI 61-101 provided for in subsections 5.5(a) and 5.7(a) of MI 61-101, respectively, as the fair market value of the subject of, and the consideration paid in the shares for debt transactions, in relation to the interested parties, does not represent more than 25 per cent of the company's market capitalization, as determined in accordance with MI 61-101. The participation by the related parties in the shares-for-debt transactions has been approved by directors of the company who are independent in connection with such transactions.
About Avricore Health Inc.
Avricore Health is committed to becoming a health innovator and applying technologies at the forefront of science to core health issues at the community pharmacy level. The company's goal is to empower consumers, patients and pharmacists with innovative technology, products, services and information to monitor and optimize health.
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