Business
Keon Closes Previously Announced Financing and Debt Settlement
Vancouver, British Columbia--(Newsfile Corp. - June 23, 2022) - Keon Capital Inc. (TSXV: KEON...
About this update from Keon Capital Inc
[{"type":"text","content":"Keon Closes Previously Announced Financing and Debt SettlementVancouver, British Columbia--(Newsfile Corp. - June 23, 2022) - Keon Capital Inc. (TSXV: KEON.H) (\"Keon\", or the \"Company\") is pleased to announced that it has completed its previously announced private placement offering of 2,000,000 common shares of the Company (\"Common Shares\") at a price of $0.25 per share for gross proceeds of $500,000 (the \"Private Placement\"), and its previously announced shares-for-debt settlement transaction pursuant to which the Company issued 946,544 Common Shares at $0.25 per share to settle Company debts of $236,636, including certain amounts owing to Company insiders (the \"Debt Settlement\"). The Private Placement and Debt Settlement transactions were first announced in the Company's press release dated April 18, 2022. The Common Shares issued pursuant to the Private Placement and the Debt Settlement are subject to a statutory 4-month hold period. There were no finder's fees or commissions payable in connection with these transactions.Disclosure Regarding Related Party TransactionsCompany insiders, William Murray, a director and officer, Murray Oliver, a director, Nick Furber, an officer and William McCartney, a holder of more than 10% of the outstanding voting shares, of the Company (collectively, the \"Creditors\") were the counterparties to the Company in the Debt Settlement. In such capacities, the Creditors are able to exercise certain control and direction over the Company, including with respect to their respective participation in the Debt Settlement. The Board therefore determined that (i) each of the Creditors was a \"related party\" of the Company pursuant to Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions (\"MI 61-101\"), and (ii) the Debt Settlement constituted a \"related party transaction\" for the purposes of MI 61-101.In connection with negotiating and reviewing the terms of the Debt Settlement, John Watson, the one independent and disinterested member (the \"Independent Director\") of the Company's board of directors (the \"Board\") considered and reviewed a variety of matters, including an assessment of the Company's liquidity position, financial outlook and financing alternatives reasonably available to the Company, and consulted with the legal advisors. Follow...