Dr. Thilo Senst reports
GBLT ENTERS INTO DEBT CONVERSION AGREEMENTS
GBLT Corp. has entered into debt conversion agreements with its four directors in respect of director sitting fees for the three months ended Dec. 31, 2020. Pursuant to the agreements, each director has agreed to accept 14,706 common shares at a price of 25.5 cents per share in satisfaction of $3,750 of indebtedness owed to each director. The company determined to satisfy the foregoing indebtedness with common shares in order to preserve its cash. The transaction is subject to approval of the TSX Venture Exchange. In addition, such shares will be subject to a four-month hold period from the date of issuance.
The debt conversion constitutes a related party transaction pursuant to Multilateral Instrument 61-101, Protection of Minority Security Holders in Special Transactions. The debt conversion is exempt from the formal valuation and minority shareholder approval requirements under MI 61-101 pursuant to subsections 5.5(b) and 5.7(1)(a), respectively, of MI 61-101, as the company's common shares are not listed on a specific market and the fair market value of these common shares to be issued pursuant to the debt conversions will not exceed 25 per cent of the company's market capitalization.
About GBLT Corp.
GBLT, through its operating company, GBT GmbH, designs, manufactures and supplies mobile storage, battery and personal protection equipment to some of the largest retail chains across the globe. GBT is also an official licensee for Kodak mobile storage systems and Agfaphoto mobile energy products. The company's personal protection equipment is primarily sold throughout Europe under the Dr. Senst brand, which is owned and operated by GBT.
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