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Health Logic Announces Closing of Shares for Debt Transaction
Health Logic Announces Closing of Shares for Debt Transaction Canada NewsWire ...
About this update from Health Logic Interactive Inc
[{"type":"text","content":"\n \n \n \n Health Logic Announces Closing of Shares for Debt Transaction\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 TSXV: CHIP.H\n \n \n CALGARY, AB,\n \n Nov. 5, 2021\n \n /CNW/ -\n \n Health Logic Interactive Inc\n \n . (\"\n \n Health Logic\n \n \" or the \"\n \n Company\n \n \") (TSXV: CHIP.H) (OTCPK: CHYPF), is pleased to announce that the Company has completed its previously announced shares for debt transaction to settle an aggregate of\n \n $178,860.34\n \n in trade payables owed to directors, insiders and consultants (together \"the\n \n Group\n \n \") of the Company and its wholly-owned subsidiary, My Health Logic Inc., into common shares in the capital of the Company (the \"\n \n Settlement Shares\n \n \") for services rendered by the Consultants up to\n \n June 2021\n \n (the \"\n \n Debt Settlement\n \n \").\n \n \n \n \n \n \n \n \n \n Following receipt of final acceptance from the TSX Venture Exchange (\"\n \n TSXV\n \n \") for the Debt Settlement, the Company issued 894,301 Settlement Shares to the Group at a deemed price of\n \n $0.20\n \n per Settlement Share. The Settlement Shares were issued in reliance on certain prospectus exemptions available under Canadian securities legislation and are subject to a four month and one day statutory hold period, which will expire on\n \n February 3, 2022\n \n .\n \n \n As 654,301 of the Settlement Shares were issued to officers, directors and insiders of the Company, the Debt Settlement constituted a \"related party transaction\" pursuant to Multilateral Instrument 61-101 –\n \n Protection of Minority Security Holders in Special Transactions\n \n (\"\n \n MI 61-101\n \n \"). The Company relied on exemptions from the formal valuation and minority approval requirements of MI 61-101 (pursuant to subsections 5.5(a) and 5.7(a)) as the fair market value of the securities distributed to, and the consideration received from, the related party did not exceed 25% of the Company's market capitalization. The Debt Settlement was approved by all of the directo...