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PRINCIPAL TECHNOLOGIES INC. ANNOUNCES INCREASE AND CLOSING OF SHARES FOR DEBT SETTLEMENT
PRINCIPAL TECHNOLOGIES INC. ANNOUNCES INCREASE AND CLOSING OF SHARES FOR DEBT SETTLEMENT ...
About this update from Principal Technologies, Inc.
[{"type":"text","content":"\n \n \n \n PRINCIPAL TECHNOLOGIES INC. ANNOUNCES INCREASE AND CLOSING OF SHARES FOR DEBT SETTLEMENT\n \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.prntac{\nTEXT-ALIGN: CENTER\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n \n /NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN\n \n THE UNITED STATES\n \n /\n \n \n \n \n \n \n VANCOUVER, BC\n \n \n ,\n \n \n March 30, 2023\n \n \n /CNW/ - Principal Technologies Inc. (the \"\n \n Company\n \n \") (TSXV: PTEC.P), announces an increase in the shares-for-debt settlement further to its news release dated\n \n March 6, 2023\n \n . The Company has agreed to settle an additional\n \n $40,000\n \n of outstanding debt owed to a consulting company on account of unpaid consulting fees, through the issuance of 400,000 common shares of the Company (the \"\n \n Debt Shares\n \n \"). The increase brings the total principal amount of the debt to be settled or repaid (the \"\n \n Debt Settlement\n \n \") from the\n \n $126,000\n \n in previously announced director fees to an aggregate of\n \n $166,000\n \n in fees (collectively, the \"\n \n Debt\n \n \"). Of the Debt,\n \n $103,000\n \n is being settled through the issuance of 1,030,000 Debt Shares at a deemed price of\n \n $0.10\n \n per Debt Share and\n \n $63,000\n \n is being repaid in cash.\n \n \n The Company received the final approval of the TSX Venture Exchange (the \"\n \n Exchange\n \n \") to issue the Debt Shares and settle the Debt and closed the Debt Settlement on\n \n March 28, 2023\n \n . The Debt Shares are subject to a four (4) month plus one day hold period from the date of the issuance, in accordance with applicable securities laws and the policies of the Exchange.\n \n \n The issuance of that portion of the Debt Shares to the directors of the Company to settle\n \n $63,000\n \n of the director fees owed to such directors constitutes a \"related party transaction\" within the meaning of the Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions (\"\n \n MI 61-101\n \n \") and Policy 5.9 of...