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    79North Announces Shares for Debt Transaction

    NOT FOR DISSEMINATION IN THE UNITED STATES OR THROUGH U.S. NEWSWIRE SERVICES

    TORONTO, Oct. 03, 2024 (GLOBE NEWSWIRE) -- 79North Inc. (CSE: JQ) (“79North” or the “Company”) announces that it has entered into a series of debt settlement agreements (the “Settlement Agreements”) for the issuance of 1,572,822 common shares in the capital of the Company (the “Shares”) at a deemed price of $0.10 per Share to certain creditors of the Company (the “Creditors”) for settlement of debts owing to the Creditors in respect of past services rendered by the Creditors at an aggregate amount of $157,282.41 (the “Shares for Debt Settlement”).

    All securities to be issued in the Shares for Debt Settlement will be subject to a hold period of four months and one day from the date of issuance, under applicable securities laws in Canada.

    Closing of the Shares for Debt Settlement is anticipated to take place on or about October 10, 2024 and remains subject to a number of conditions, including receipt of regulatory approvals, including the Canadian Securities Exchange.

    Jon North, President, Chief Executive Officer and Director of the Company, and Carmelo Marrelli, Chief Financial Officer of the Company (is the beneficial owner of several corporations providing services to the Company (the “Marrelli Creditors”)), are “related parties” of the Company pursuant to Multilateral Instrument 61-101 – Take Over bids and Special Transactions (“M1 61-101”) and as such, entering into a Settlement Agreement is a “related party transaction” within the meaning of MI 61-101. Pursuant to the Shares for Debt Settlement, Mr. North will receive an aggregate of 325,330 Shares, and the Marrelli Creditors will receive an aggregate of 868,316 Shares. The Company is not required to obtain a formal valuation in connection with the Settlement Agreements entered into by or minority shareholder approval prior to entering into a Settlement Agreement with Mr. North or the Marrelli Creditors as the fair market value of the Shares for Debt Settlement does not exceed 25% of the Company's market capitalization in accordance with the exemptions provided for in sections 5.5(a) and 5.7(1)(a) of MI 61-101. The Company did not file a material change report in respect of the Shares for Debt Settlement on SEDAR+ less than 21 days prior to the closing of the Shares for Debt Settlement due to the fact that the Company wished to close the Shares for Debt Settlement as soon as practicable to enable it to continue its business pursuits and reduce its liabilities.

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    79North Announces Shares for Debt Transaction NOT FOR DISSEMINATION IN THE UNITED STATES OR THROUGH U.S. NEWSWIRE SERVICES TORONTO, Oct. 03, 2024 (GLOBE NEWSWIRE) - 79North Inc. (CSE: JQ) (“79North” or the “Company”) announces that it has entered into a series of debt settlement agreements …