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Must Capital Announces Results of Annual and Special Meeting of Shareholders
Toronto, Ontario--(Newsfile Corp. - July 19, 2019) - Must Capital Inc. (TSXV: MUST.H) (the " C...
About this update from Must Capital, Inc.
[{"type":"text","content":"Must Capital Announces Results of Annual and Special Meeting of ShareholdersToronto, Ontario--(Newsfile Corp. - July 19, 2019) - Must Capital Inc. (TSXV: MUST.H) (the \"Company\") is pleased to announce the results of its annual and special meeting of shareholders that was held on July 19, 2019 (the \"Shareholders Meeting\"). The following items of business were approved by shareholders at the Shareholders Meeting: (a) the election of each of Michele (Mike) Marrandino, Vikas Ranjan, Bradley Scharfe, and Keith Kerr to the Company's board of directors, to hold office until the Company's next annual meeting of shareholders (b) the appointment of Davidson & Company LLP as the Company's auditors, to hold office until the Company's next annual meeting of shareholders. Disinterested shareholders also approved the settlement of $483,425.63 of indebtedness (the \"Debt Settlement\") owed to companies controlled by certain officers and directors of the Company in exchange for an aggregate of 6,138,738 common shares of the Company at a deemed price of $0.07875 per common share.All securities issued in connection with the Debt Settlement are subject to a hold period of four months plus a day in accordance with Canadian securities laws.As certain insiders participated in the Debt Settlement, it may be considered a \"related party transaction\" under Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions (\"MI 61-101\") and the TSX Venture Exchange (\"TSXV\"). The Company is relying on the exemption from the formal valuation requirement of MI 61-101 contained in Section 5.5(g) on the basis that the Company is insolvent or in serious financial difficulty and the transaction is designed to improve the financial position of the Company.The Debt Settlement remains subject to the final approval of the TSXV.For further information contact: Must Capital Inc.Michele (Mike) MarrandinoPresident and Chief Executive OfficerTelephone #: (604) 722-5225Forward-Looking StatementsCertain statements contained in this press release constitute \"forward-looking information\" as such term is defined in applicable Canadian securities legislation. The words \"may\", \"would\", \"could\", \"should\", \"potential\", \"will\", \"seek\", \"intend\", \"plan\", \"anticipate\", \"believe\", \"estimate\", \"expect\" and similar ...