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Globalive Technology Issues Shares to CEO In Payment of Net Quarterly Salary
Globalive Technology Issues Shares to CEO In Payment of Net Quarterly Salary Canad...
About this update from Live Energy Minerals Corp
[{"type":"text","content":"\n\n\n\nGlobalive Technology Issues Shares to CEO In Payment of Net Quarterly Salary\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. 2, 2020\n\n\n\nGlobalive Technology will issue common shares to its Chief Executive Officer in satisfaction of his quarterly salary for the period from October 1, 2019 to December 31, 2019.\n TORONTO, Jan. 2, 2020 /CNW/ - Globalive Technology Inc. (TSX-V: LIVE) (the \"Company\"), a technology company focused on developing innovative payment, billing and credit solutions for consumers and businesses, intends to issue common shares to its Chief Executive Officer in satisfaction of his net salary for services rendered during the period from October 1, 2019 to December 31, 2019 (the \"Payment Period\"). The arrangement, which was approved by the shareholders of the Company at its annual general meeting on June 20, 2019, is one of several capital preserving initiatives the Company has undertaken while it continues to work on previously disclosed initiatives.\nThe Company has reserved a total of 1,590,910 common shares to be used for the purpose of paying the Chief Executive Officer's net salary quarterly, in arrears, during the period from July 1, 2020 to June 30, 2021. The Company previously issued 631,023 common shares to the Chief Executive Officer on October 1, 2019 in settlement of his net salary for the preceding quarter, leaving 959,887 common shares reserved for satisfying future salary entitlements.  \nThe Chief Executive Officer's net salary for the Payment Period was $44,171.67, which will be paid by issuing 490,796 common shares of the Company at the closing price of such shares on the last day of the Payment Period ($0.09/share). Any resale of such shares will be subject to the limitations applicable to a control person, including that he has held the shares for at least four months until May 3, 2020. In connection with the issuance, the Company has paid all associated fees to the TSX Venture Exchange (the \"Exchange\").  \nThe issuance of the shares remains subject to final approval by the...