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Health Logic Announces Proposed Shares for Debt Transaction
Health Logic Announces Proposed Shares for Debt Transaction Canada NewsWire ...
About this update from Health Logic Interactive Inc
[{"type":"text","content":"\n \n \n \n Health Logic Announces Proposed 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 Oct. 1, 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 it has entered into debt settlement agreements (the \"\n \n Debt Settlement Agreements\n \n \") with certain directors, officers and consultants of the Company (the \"\n \n Parties\n \n \") whereby it has agreed to convert an aggregate of\n \n $205,860.34\n \n in payables (the \"\n \n Payables\n \n \") owed to the Parties related to expenses, loans and services rendered to the Company up to\n \n September 2021\n \n into common shares in the capital of the Company (the \"\n \n Settlement Shares\n \n \"). The Company is proposing to issue the Settlement Shares in order to preserve cash to fund future operations.\n \n \n \n \n \n \n \n \n \n Pursuant to the terms of the Debt Settlement Agreements, the Company has agreed to issue an aggregate of 1,029,301 Settlement Shares at a deemed issuance price of\n \n $0.20\n \n per Settlement Share in full and final satisfaction of the Payables owing to the Parties. By issuing the Settlement Shares, the Payables will be definitively extinguished.\n \n \n The Settlement Shares will be issued in reliance on certain prospectus exemptions available under Canadian securities legislation and will be subject to a four month and one day hold period from the date of issuance.\n \n \n 789,301 of the Settlement Shares are being issued to insiders of the Company (the \"\n \n Insiders\n \n \"). 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 settlement of the Payables will constitute a \"related party transaction\" as the Insiders are considered to be related parties to the Company. The Company will rely on exemptions from the formal valuatio...