04:57:33 EDT Mon 27 Jun 2022
Enter Symbol
or Name

Login ID:
Cleango Innovations Inc (2)
Symbol CGII
Shares Issued 11,486,788
Close 2022-05-20 C$ 0.40
Recent Sedar Documents

Cleango to settle $189,473 of debt with unit issuance

2022-05-20 20:39 ET - News Release

Mr. Anthony Sarvucci reports


Cleango Innovations Inc. has agreed with certain of its creditors to issue an aggregate of $189,473.50 in outstanding debt.

In settlement of the debt the company will issue 378,947 units at a deemed price of 50 cents, which consist of one common share and one-half share purchase warrant, with each full warrant exercisable for an additional share at an exercise price of 62 cents for a period of 12 months. The company did not file a material change report more than 21 days before the expected closing of the shares-for-debt transaction as the details and amounts of debts settled under the transaction were not finalized until closer to the closing and the company wished to close the transaction as soon as practicable, which the company deems reasonable as it wishes to improve its financial position by reducing its accrued liabilities as soon as possible.

All debt shares issued pursuant to the debt conversion will be subject to a four-month hold period.

We seek Safe Harbor.

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