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Alaska Pacific Energy Corp. Announces Cancellation of $6,000,000+ in Convertible Debt, Significantly Strengthening Balance Sheet
Alaska Pacific Energy Corp. Announces Cancellation of $6,000,000+ in Convertible Debt, Significantly Strengthening Balance Sheet.
About this update from Alaska Pacific Energy Corp.
[{"type":"text","content":"MIAMI, FL — April 27, 2026 — Alaska Pacific Energy Corp. (OTC: ASKE) (the \"Company\") today announced the full cancellation of six million dollars ($6,000,000+ USD) in outstanding convertible debt obligations previously held against the Company. This debt cancellation represents a major milestone in the Company's ongoing financial restructuring and strategic transformation.Debt Cancellation Details The $6,000,000+ in convertible debt — consisting of convertible promissory notes, convertible debentures, and/or related debt instruments convertible into shares of the Company's common stock — has been fully extinguished and is no longer an obligation of Alaska Pacific Energy Corp. The cancellation eliminates the associated conversion features that had represented potential dilutive overhang on the Company's issued and outstanding shares of common stock. The Company will record the full cancellation of this indebtedness on its books and records and will reflect this event in its next financial disclosure filed with OTC Markets Group in accordance with OTC Disclosure & News Service requirements.Management Commentary \"The cancellation of $6,000,000+ in convertible debt is a transformative event for Alaska Pacific Energy Corp. and a direct reflection of our commitment to rebuilding a clean, investor-friendly capital structure,\" said a representative of Alaska Pacific Energy Corp. \"This action eliminates a significant liability from our balance sheet, removes substantial dilution risk for our existing shareholders, and positions the Company on a stronger footing as we continue advancing our digital music distribution business. We are grateful to all parties involved in facilitating this resolution.\"Strategic Context This debt cancellation is part of the Company's broader financial and operational restructuring initiative, which includes transitioning the Company into a digital music distribution platform designed to serve independent artists, record labels, and content creators. The elimination of this convertible debt removes a material overhang that had weighed on the Company's financial position and reduces the risk of dilutive share issuances to former debt holders. The Company believes this development will improve its ability to attract new strategic partners, raise cleaner capital, and execute on its growth strategy ...