Mr. Dorian Banks reports
LOOKING GLASS LABS ANNOUNCES ISSUANCE OF 7,350,000 COMMON SHARES AT A DEEMED VALUE OF $0.05 PER SHARE TO SETTLE A DEBT OF $367,500
Looking Glass Labs Ltd. has entered into debt settlement agreement with an arm's-length creditor to eliminate an aggregate of $367,500 of indebtedness of the company, through the issuance of an aggregate of 7.35 million common shares in the capital of the company. The common shares to be issued pursuant to the debt settlement will be subject to a hold period of four months plus a day from the date of issuance. The debt settlement is effective as of the date hereof.
The issuer is currently seeking and will need to secure new sources of working capital to continue operations. The issuer's plan is to actively secure sources of funds, including possible equity and debt financing options, while at the same time focus on exercising careful cost control to sustain operations and, if necessary, the issuer will curtail spending. Financings are dependent on market conditions and there can be no assurance the company will be able to raise funds in the future. As a result of challenging current capital market conditions and the issuer's business market sector, comprising blockchain technology, metaverse development and non-fungible token product offerings, experiencing economic challenges, the issuer has not been able to secure equity or debt funding for working capital.
Under the current circumstances as summarized above, the board of directors of the issuer, acting in good faith, has determined that the issuer is in serious financial difficulty, that the debt settlement is designed to improve the issuer's financial position and that the terms of the debt settlement are reasonable in the issuer's circumstances.
About Looking Glass Labs
Headquartered in Vancouver, B.C., Looking Glass Labs (LGL) is a Web3 innovation platform specializing in consumer engagement applications to leverage immersive metaverse environments, play-to-earn tokenization and blockchain monetization strategies. Its leading brand, House of Kibaa (HoK), designs and curates a next-generation metaverse for 3-D assets, which allows functional
art and collectibles to exist simultaneously across different NFT (non-fungible token) blockchain environments.
We seek Safe Harbor.
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