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Altura Energy Announces Closing of Debt Settlement
Vancouver, British Columbia--(Newsfile Corp. - June 11, 2025) - Altura Energy Corp. (TSXV: ...
About this update from Altura Energy Corp
[{"type":"text","content":"\nAltura Energy Announces Closing of Debt SettlementVancouver, British Columbia--(Newsfile Corp. - June 11, 2025) - Altura Energy Corp. (TSXV: ALTU) (FSE: Y020) (the \"Company\") is pleased to announce that, further to its news releases dated April 15, 2025 and June 11, 2025, the Company has closed the previously announced settlement of outstanding indebtedness totaling C$526,683 owing to Nancy Burke (the \"Debt Settlement\"). Pursuant to the Debt Settlement, the Company issued 5,266,830 common shares of the Corporation (the \"Common Shares\") to Ms. Burke at a deemed price of $0.10 per Common Share. The Common Shares issued pursuant to the Debt Settlement have a hold period of four months and one day from the date of issuance, expiring on October 12, 2025, in accordance with applicable securities laws.As a result of completion of the Debt Settlement, Ms. Burke of Vancouver, British Columbia acquired ownership and control and direction over 5,266,830 Common Shares of the Company at a deemed price of $0.10 per Common Share. When combined with her existing securities of the Company consisting of 430,000 Common Shares and 200,000 Common Share purchase warrants, Ms. Burke now has control and direction over 5,696,830 Common Shares and 200,000 Common Share purchase warrants, representing 14.57% of the issued and outstanding Common Shares, on an undiluted basis, following completion of the Debt Settlement. Assuming exercise of just the Common Share purchase warrants controlled by Ms. Burke, she would have control and direction over 5,896,830 Common Shares, representing 15.00% of the then issued and outstanding Common Shares, on a partially diluted basis.Ms. Burke acquired the above-noted Common Shares as settlement for an unsecured loan, bearing interest at a rate of 8%, in the principal amount of C$475,000, advanced to the Company on December 5, 2023 to help satisfy the Company's then outstanding corporate payables. Prior to the entry into the Debt Settlement agreement with Ms. Burke, the loan amount totaled C$526,683, inclusive of accrued interest.This disclosure is provided pursuant to National Instrument 62-103 - The Early Warning System and Related Take-Over Bid and Insider Reporting Issues, which also requires a report to be filed with the applicable securities commissions or similar regulatory authorities in Canada, wh...