Petrolympic Announces Completion of Debt Settlement
February 22 2021 - 4:30PM
Petrolympic Ltd. (TSXV: PCQ) (the "
Company")
reports that its board of directors has approved the settlement of
$100,000 of debt through the issuance of common shares of the
Company (the "
Debt Settlement"). Pursuant to the
Debt Settlement, the Company would issue an aggregate of 1,428,571
common shares of the Company (the "
Shares") at a
deemed price of $0.07 per Share to a creditor of the Company, who
is an officer of the Company (the "
Creditor").
The issuance of the Shares to the Creditor is
subject to the approval of the TSX Venture Exchange. All securities
issued will be subject to a four month hold period which will
expire on the date that is four months and one day from the date of
issue.
As the Creditor is an insider of the Company,
the Debt Settlement is considered to be a "related party
transaction" under Multilateral Instrument 61-101 - Protection of
Minority Security Holders in Special Transactions ("MI
61-101"). All of the independent directors of the Company,
acting in good faith, considered the transactions and have
determined that the fair market value of the securities being
issued to the Creditor and the consideration being paid is
reasonable. The Company intends to rely on the exemptions from the
valuation and minority shareholder approval requirements of MI
61-101 contained in sections 5.5(b) and 5.7(a) of MI 61-101.
For further information, please
contact:
Mendel Ekstein,President and CEO
Petrolympic Ltd.T: 845
656-0184E: exis@petrolympic.com
Petrolympic (TSXV:PCQ)
Historical Stock Chart
From Jun 2024 to Jul 2024
Petrolympic (TSXV:PCQ)
Historical Stock Chart
From Jul 2023 to Jul 2024