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GBLT Corp
Symbol GBLT
Shares Issued 112,525,619
Close 2020-10-21 C$ 0.09
Recent Sedar Documents

GBLT directors to each receive 55,555 shares for debt

2020-10-21 17:22 ET - News Release

Dr. Thilo Senst reports

GBLT INSIDERS AGREE TO DEBT CONVERSION

GBLT Corp.'s four directors have agreed to accept shares in lieu of cash in respect of director sitting fees for the three months ended Sept. 30, 2020. Accordingly, each director has agreed to accept 55,555 common shares in satisfaction of $3,750 of indebtedness owed to such director. The company determined (with the consent of the directors) to satisfy the foregoing indebtedness with common shares to preserve its cash. The transactions are subject to execution of debt conversion agreements and approval of the TSX Venture Exchange. In addition, such shares will be subject to a Canadian four-month hold period.

The shares-for-debt transactions by the four directors (Dr. Thilo Senst, Jean-Manuel Bullukian, Alfred Schopf and John Denham) are each a related-party transaction as defined under Multilateral Instrument 61-101. The transactions are exempt from the formal valuation requirements of MI 61-101 since none of the securities of the company are listed on a stock exchange specified in Section 5.5(b) thereof. The proposed transactions are exempt from the minority shareholder approval requirements of MI 61-101 since, at the time the transactions were agreed to, neither the fair market value of the transaction, nor the fair market value of the consideration for the transaction, insofar as it involves interested parties, exceeded 25 per cent of the company's market capitalization.

We seek Safe Harbor.

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