Business
Bold Ventures Settles Debt and Provides Update
TORONTO, ON / ACCESSWIRE / July 21, 2020 / Bold Ventures Inc. (TSXV:BOL) (the "Company" or "...
About this update from Bold Ventures Inc.
[{"type":"text","content":"Bold Ventures Settles Debt and Provides UpdateTORONTO, ON / ACCESSWIRE / July 21, 2020 / Bold Ventures Inc. (TSXV:BOL) (the \"Company\" or \"Bold\") reports that as announced on June 18, 2020, Bold entered into an advertising and investor awareness campaign with Dig Media Inc., dba Investing News Network (\"INN\"). The Company intends to issue shares to INN in exchange for the advertising and investor awareness campaign services. The term of the engagement is six months with the option to renew on the same terms for an additional six months. The cost of the campaign is $19,000 payable as to $2,000 in cash, which has been paid, and $7,500 in common shares of the Company when the advertising campaign commences with a further $2000 in cash and $7500 in common shares of the Company payable September 8, 2020. Per TSX Venture Exchange (\"TSXV\") Policy 4.3 (Section 6.1), the deemed price of the securities to be issued will be determined after the date services are provided to the Company in each period and be based upon the undiscounted market price of the Company's common shares at the relevant time. The initial share issuance of 150,000 shares for the settlement of $7500 of the services provided to date is based on the closing price of $0.05 for the Company's common shares on July 14, 2020.Insider Debt SettlementThe Company is also pleased to announce that it has entered into agreements to settle an aggregate of $85,028.38 of debt owed to two (2) insiders of the Company in consideration for the issuance of 1,700,567 common shares of the Company at a price of $0.05 per share. One of the insiders has released the Company from a debt totaling $22,500.00 for no consideration. The debt settlement eliminates an aggregate of $107,528.38 of debt of the Company as at June 30, 2020. The disinterested directors of the Company have approved the debt settlements with the respective insiders and their associates and affiliates. The insider debt settlement is subject to TSXV approval. The securities to be issued will be subject to a hold period of four months and a day.The insider debt settlements are exempt from the valuation and minority shareholder approval requirements of Multilateral Instrument 61-101 (\"MI 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 consid...