Business
NaturalShrimp Incorporated Extinguishes Approximately $430,000 Of Additional Debt
NaturalShrimp Incorporated Extinguishes Approximately $430,000 Of Additional Debt.
About this update from Naturalshrimp Incorporated
[{"type":"text","content":"\n\n\n\nNaturalShrimp Incorporated Extinguishes Approximately $430,000 Of Additional Debt\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\nNaturalShrimp Incorporated Extinguishes Approximately $430,000 Of Additional Debt\nPR Newswire\nLA COSTE, Texas, Jan. 24, 2017\n\n\n\nLA COSTE, Texas, Jan. 24, 2017 /PRNewswire/ -- NaturalShrimp Incorporated (OTCQB: SHMP) (the \"Company\"), a global eco-friendly producer of shrimp grown in technologically unique indoor saltwater facilities, has extinguished approximately $430,000 of additional debt with two debt holders in exchange for common stock of the Company.  This comes on the heels of the Company's retirement of approximately $2,500,000 last week with a separate debt holder.\n\nThe Company entered into debt exchange agreements with the two debtors whereby the company agreed to issue approximately 1,225,000 shares of common stock, at a value of $0.35 per share, in full payment of the debts.\n\nNaturalShrimp President, Gerald Easterling, commented, \"We are pleased that our debt holders have expressed the confidence in our business by agreeing to accept equity in our company to extinguish these debts.  We believe that this is a testament to the positive path we are on as we execute our business plan and also strive to build a healthier balance sheet moving forward.\"\n\nNaturalShrimp Chief Financial Officer William Delgado also commented, \"This was a clean and straightforward transaction with a modest discount to our current market price; we are excited about the continued improvement in our financial strength.  These balance sheet improvements strengthen our position as we move towards roll-out of our technology.  As stated before, we expect to announce further financial improvements over the coming weeks.\"\n\nAbout NaturalShrimp Incorporated\n\nNaturalShrimp Incorporated is a publicly-traded agro-tech company located near San Antonio, in La Coste, Texas.  It has developed and tested the first commercially viable system for growing shrimp indoors using proprietary technologies in a system that prod...