Mr. Ed Crymble reports
MEMEX INC. SETTLES INTEREST PAYMENT WITH SHARES
Memex Inc., as originally announced on June 15, 2020, settled its June 30, 2020, interest payment to G&G Private Capital today through the issuance of common shares of the company, in accordance with the terms of the loan agreements executed in March, 2019. The company issued a total of 1,555,038 shares, at a deemed price of 1.5 cents per share, to the principals of G&G for an aggregate interest payment of $23,326.
Additionally, as participants in the same financing arrangement completed in March, 2019, the company's chief executive officer and chief financial officer were collectively issued a total of 111,074 shares, at a deemed price of 1.5 cents per share for an aggregate interest payment of $1,666, in settlement of the interest owing on their respective loans. The issuance of the shares to the CEO and CFO of the company is exempt from the valuation and minority shareholder approval requirements of Multilateral Instrument 61-101 by virtue of the exemptions contained in sections 5.5(a) and 5.7(1)(a) of MI 61-101 in that the fair market value of the shares to be issued to such insiders does not exceed 25 per cent of the company's pretransaction market capitalization.
About Memex Inc.
Established in 1992, Memex grew to be an industry leader in industry Internet of things (IIoT) through the development of Merlin Tempus, an award-winning platform that delivers real-time, tangible increases in manufacturing productivity. Memex is on the leading edge of industry trends in computing power, machine connectivity, industry standards, advanced software technology and manufacturing domain expertise.
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