Business
Golden Triangle Ventures, Inc. Announces a Corporate Update and Consolidation of all Investments from Note Holder, TK Zarro, LLC
Golden Triangle Ventures, Inc. Announces a Corporate Update and Consolidation of all Investments from Note Holder, TK Zarro, LLC.
About this update from Golden Triangle Ventures Inc.
[{"type":"text","content":"\n LAS VEGAS, Nov. 03, 2021 (GLOBE NEWSWIRE) -- via InvestorWire -- Golden Triangle Ventures, Inc. (OTC PINK:GTVH or the, “Company”) is pleased to announce that its management team has renegotiated the terms of investment from its primary Note Holder, TK Zarro, LLC (“TK”). TK has agreed to convert all of its Series H Preferred shares of Golden Triangle Ventures into convertible debt. The Company has executed an amended loan agreement with TK which will permit Golden Triangle Ventures to access additional capital through a $5,000,000 credit facility. The credit facility will have a 10% simple interest rate per year. Under the terms of the Credit Facility any balance owed to TK may be converted, on a dollar-for-dollar basis, into restricted stock at a 20% discount to the share price of GTVH. In addition, the board of directors of the Company has elected to pursue, subject to qualification by the United States Securities and Exchange Commission (“SEC”), an exempt offering via Regulation A, Tier 1 (“Reg. A”) of the JOBS Act, to help the Company finance some of its short-term capital needs. Management is now working with its securities counsel to file this Reg. A in the near future, in the hope that it will provide a structure that may allow its businesses the ability to capitalize its projects. Golden Triangle Ventures has recently retained Felicia A. Rossi, with F.A.R. Out Numbered, LLC as its new Corporate Accountant/Controller, Enrolled Agent, and Licensed Tax Consultant to assist the Company in preparing its financials for its anticipated audit. In early 2021, the Company announced its plan to audit the Company and spin off two of its wholly owned subsidiaries, Lavish Entertainment, Inc. and Global Health Services, Inc., into their own publicly traded companies through a proposed Form 10 Filing. The Company also announced its plan to distribute a 1:1 share dividend after each spin off is completed and approved. Management intends to distribute these dividends to all GTVH shareholders of record as of Feb. 19, 2021, which was the previously announced declared dividend date, after the company audit is complete and the proposed spin offs are filed and approved. Golden Triangle Ventures is excited to be working with Felicia A. Rossi to help the Company prepare its financials for an audi...