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Eurotin and Lions Bay Announce Shares for Debt Transactions
Eurotin and Lions Bay Announce Shares for Debt Transactions Canada NewsWire TORO...
About this update from Lions Bay Capital, Inc.
[{"type":"text","content":"\n\n\n\nEurotin and Lions Bay Announce Shares for Debt Transactions\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\nCanada NewsWire\nTORONTO, Jan. 10, 2018\n\n\n\nTORONTO, Jan. 10, 2018 /CNW/ - Eurotin Inc. (\"Eurotin\" or the \"Company\") (TSXV:TIN) and Lions Bay Capital Inc. (\"Lions Bay\") (TSXV:LBI) are pleased to announce that the Company and certain debtholders, including Lions Bay, have entered into agreements to settle some of the indebtedness of the Company (the \"Shares for Debt Transactions\") through conversion of such debt into common shares of the Company (the \"Common Shares\"). Pursuant to the Shares for Debt Transactions, the Company will issue 19,704,763 Common Shares, at a price of $0.0525 per Common Share. On completion of the Shares for Debt Transactions, the Company will have 106,741,330 Common Shares issued and outstanding. \n\nThe Company owed Mark Wellings (\"Wellings\"), the Company's Chief Executive Officer and President, approximately $1,100,000 (the \"Wellings Debt\"), representing indebtedness for cash advances previously made by Wellings to the Company for working capital purposes.  Wellings has assigned $500,000 of the Wellings Debt to Lions Bay (the \"Lions Bay Debt\") in exchange for 4,166,667 common shares of Lions Bay, at a price of $0.12 per common share.\n\nWellings and Lions Bay have both agreed to convert $500,000 of the Wellings Debt and Lions Bay Debt, respectively, into Common Shares of the Company, at a price of $0.0525 per Common Share. As a result, each of Wellings and Lions Bay will receive 9,523,810 Common Shares.\n\nAdditionally, Peter Miller (\"Miller\"), a director of the Company, is owed $34,500 by the Company (the \"Miller Debt\") for services previously rendered to the Company.  Miller has agreed to satisfy the Miller Debt owed by the Company in exchange for 657,143 Common Shares.  \n\nUpon completion of the Shares for Debt Transactions, Wellings will hold, directly and indirectly, 42,793,139 Common Shares or 40.09% of the issued and outstanding Common Shares.  Lions Bay will hold, directly and i...