Business
Executive Chairman of Everyday People Further Increases Share Ownership by Another 3.6 Million Shares at a Price of $1.10 per Share by Way of Debt Settlement
Edmonton, Alberta--(Newsfile Corp. - January 29, 2025) - Everyday People Financial Corp. (TSXV: ...
About this update from Everyday People Financial Inc
[{"type":"text","content":"Executive Chairman of Everyday People Further Increases Share Ownership by Another 3.6 Million Shares at a Price of $1.10 per Share by Way of Debt SettlementEdmonton, Alberta--(Newsfile Corp. - January 29, 2025) - Everyday People Financial Corp. (TSXV: EPF) (OTCQB: EPFCF) (\"Everyday People\" or the \"Company\"), a financial service provider, is pleased to announce that it has entered into an agreement to further settle an additional $4.0 million in debt owed to EAM Enterprises Inc. (\"EAM\") through the issuance of common shares (the \"Debt Settlement\"). This debt was originally advanced by the Company's Executive Chairman, Gordon Reykdal, through his family's business, EAM, playing a critical role in supporting Everyday People during its early development stages. Once again, this initiative reflects the Company's ongoing efforts to enhance its financial position by reducing liabilities and preserving cash to support operational needs and drive strategic growth, particularly in its Revenue Cycle Management (\"RCM\") business pillar.\"Gordon's decision to convert this debt into equity underscores his confidence in the Company's future and aligns his interests even further with those of our shareholders,\" said Barret Reykdal, Co-CEO Financial Services. \"We are deeply grateful for Gordon's continued belief in our mission and his willingness to further invest in the Company's success. His leadership has been instrumental in building a strong foundation for Everyday People, and we look forward to continuing this journey together.\" Debt Settlement DetailsAs disclosed in the Company's consolidated financial statements for the period ended September 30, 2024, the Company was indebted to EAM in the amount of $5.4 million. As of December 31, 2024, the Company is indebted to EAM in the amount of approximately $6.2 million. The Company will further issue an aggregate of 3,636,364 common shares (the \"Settlement Shares\") to EAM at a deemed price of $1.10 per common share to further settle the outstanding indebtedness in the amount of $4.0 million, reducing the indebtedness to approximately $0.2 million.The Settlement Shares will be issued as a non-arm's length transaction, as EAM is a Company controlled by Gordon Reykdal, Executive Chairman and Director of the Company. As of December 31, 2023, EAM together with Gordon Reykdal owned 20....