Business
Everyday People Closes Shares for Debt Transaction
Edmonton, Alberta--(Newsfile Corp. - August 19, 2025) - Everyday People Financial Corp. (TSXV: E...
About this update from Everyday People Financial Inc
[{"type":"text","content":"Everyday People Closes Shares for Debt TransactionEdmonton, Alberta--(Newsfile Corp. - August 19, 2025) - Everyday People Financial Corp. (TSXV: EPF) (OTCQB: EPFCF) (\"Everyday People\" or the \"Company\"), a technology-driven financial services provider, is pleased to announce that it has closed its shares for debt transaction to settle approximately $1.4 million of outstanding debt owed to EAM Enterprises Inc. (\"EAM\") through the issuance of 2,223,651 common shares of the Company (the \"Settlement Shares\") at a deemed price of $0.63 per share (the \"Debt Settlement\"), as previously announced on June 30, 2025.This closing transaction follows prior debt settlements with EAM, whereby the Company settled $2 million and $4 million of outstanding debt through the issuance of 2,439,024 shares at $0.82 per share and 3,636,364 shares at $1.10 per share, respectively, as announced on January 20 and January 29, 2025. EAM is a private company controlled by Gordon Reykdal, Executive Chairman and Director of the Company. The Debt Settlement is intended to strengthen the Company's balance sheet by reducing liabilities and preserving cash resources to support operations and strategic growth.Upon issuance of the Settlement Shares, EAM together with Gordon Reykdal will hold approximately 21% of the Company's issued and outstanding common shares, up from approximately 20% prior to the closing of the Debt Settlement. The transaction does not result in the creation of a new control person or insider of the Company. Upon completion of the Settlement Shares, the Company now has a total of 128,495,414 common shares issued and outstanding. The newly issued shares will be subject to a statutory hold period of four months and one day from the date of issuance, in accordance with applicable securities laws and TSXV policies. Closing of the Debt Settlement remains subject to final acceptance by the TSXV.Related Party Transaction DisclosureThe issuance of the Settlement Shares to EAM constitutes a \"related party transaction\" under Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions (\"MI 61-101\"). The Company is relying on exemptions from the formal valuation and minority shareholder approval requirements of MI 61-101, as provided in sections 5.5(a) and 5.7(1)(a) of MI 61-101, since the fair market value of...