Business
DeepMarkit Announces Completion of Debt Conversion and Appointment of Interim CEO
(TheNewswire) Calgary, Canada - TheNewswire - November 8, 2...
About this update from Prospect Prediction Markets Inc.
[{"type":"text","content":"DeepMarkit Announces Completion of Debt Conversion and Appointment of Interim CEO\n \n \n (TheNewswire)\n \n \n \n \n \n \n \n \n \n Calgary, Canada -\n \n \n \n \n TheNewswire -\n \n \n \n \n November 8, 2021 -\n \n \n \n \n DeepMarkit Corp.\n \n \n \n \n (“\n \n \n \n \n DeepMarkit\n \n \n \n \n ” or the “\n \n \n \n \n Company\n \n \n \n \n ”)\n(\n \n \n \n \n TSXV:MKT\n \n \n \n \n )\n \n \n \n \n (OTC:MKTDF)\n \n \n \n \n is pleased to announce that\n \n \n \n it has completed the previously announced\n(September 14, 2021) debt conversion, in which it has issued an\naggregate of 13,360,974 common shares (\"Common Shares\")\npursuant to the conversion of debt in the aggregate amount of\n$2,739,000 (the \"Debt Conversion\").\n \n \n \n \n All Common Shares issued pursuant to the Debt\nConversion were issued at a price of $0.205 per Common Share.  The\nDebt Conversion comprised two components, conversion of the Company's\n$2 million of 12% Secured Participating Debentures (the\n“Debentures”), plus accrued interest of $700,000, resulting in the\nissuance of 13,170,731 Common Shares (the \"Debenture\nConversion\"), and the conversion of $39,000 of previously\nincurred and unpaid management fees, resulting in the issuance of\n190,243 Common Shares (the \"Management Fee Debt\nConversion\").\n \n \n \n \n The Common Shares issued pursuant to the Debenture\nConversion were issued to 1323552 B.C. Ltd., a private company owned\nand controlled by Ranjeet Sunder, a director and founder of the\nCompany.  All Common Shares issued pursuant to the Management Fee\nDebt Conversion were issued to Mr. Sundher.\n \n \n \n \n The Company obtained disinterested shareholder approval\nfor the Debt Conversion at its annual and general meeting of\nshareholders held on October 29, 2021, including approval for the Debt\nConversion as a related party transaction pursuant to Multilateral\nInstrument 61-101 –\n \n \n Protection of Minority Security Holders in Special\nTransactions\n \n \n (\"MI 61-101\") and Policy\n5.9 of the TSX Venture Exchange (the \"Exchange\"), approval\nof 1323552 B.C. Ltd. as a Control Person of the Company (as defined in\nthe policies of the Exchange), and approval to convert the full amount\nof the management fees owing to Mr. Sundher, as required under\nExchange policies...