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Graphite One Announces Revised Pricing to Shares for Debt Settlement
Graphite One Announces Revised Pricing to Shares for Debt Settlement Canada New...
About this update from Graphite One Inc.
[{"type":"text","content":"\n \n \n \n Graphite One Announces Revised Pricing to Shares for Debt Settlement\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n \n VANCOUVER, BC\n \n \n ,\n \n \n Sept. 19, 2022\n \n \n /CNW/ -\n \n Graphite One Inc.\n \n (TSXV: GPH) (OTCQX: GPHOF) (\"\n \n Graphite One\n \n \" or the \"\n \n Company\n \n \") announces that further to the news release disseminated on August 23,  2022, the Company has revised the pricing of a shares for debt transaction (the \"\n \n Debt Settlement Transaction\n \n \") to settle outstanding debt in an aggregate of\n \n US$6,775,230\n \n , including\n \n US$1,819,230\n \n of accrued interest, owing pursuant to an unsecured loan facility dated\n \n September 6, 2019\n \n , as amended and extended, between Taiga Mining Company, Inc. (\"\n \n Taiga\n \n \") and the Company.\n \n \n \n \n \n \n \n \n \n Pursuant to the revised terms of the Debt Settlement Transaction, the Company will issue 9,296,328 common shares (the \"\n \n Settlement Shares\n \n \") at a deemed price of CA$0.95 per share to Taiga in full settlement of the debt.  The Settlement Shares will be subject to a statutory four months and one day hold period pursuant to applicable securities laws.  The Debt Settlement Transaction is subject to final approval by the TSX Venture Exchange.\n \n \n The Debt Settlement Transaction constitutes a \"related party transaction\" within the meaning of Multilateral Instrument 61-101 -\n \n Protection of Minority Security Holders in Special Transaction\n \n (\"\n \n MI 61-101\n \n \") as Taiga is an insider of the Company. The Company is relying on exemptions from the valuation and minority shareholder approval requirements of MI 61-101 contained in sections 5.5(a) and 5.7(1)(a) of MI 61-101, as the fair market value of the Debt Settlement Transaction with Taiga does not exceed 25% of the market capitalization of the Company, as determined in accordance with MI 61-101.\n \n \n The Company did not file a material change report in respect of the related party transaction ...