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SWMBRD Announces Settlement of Debt and Provides Update on Previously Announced Financing
(TheNewswire) THIS NEWS RELEASE IS NOT FOR DISTRIBUTION TO THE UNITED STATES NEWSWIRE SERVI...
About this update from Swmbrd Sports, Inc.
[{"type":"text","content":"SWMBRD Announces Settlement of Debt and Provides Update on Previously Announced Financing\n \n \n (TheNewswire)\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n THIS NEWS RELEASE IS NOT FOR\nDISTRIBUTION TO THE UNITED STATES NEWSWIRE SERVICES OR FOR\nDISSEMINATION IN THE UNITED STATES\n \n \n \n VANCOUVER, BC –\n \n TheNewswire -\n \n January 12,\n2024: SWMBRD Sports Inc. (CSE:SWIM) (“SWMBRD” or the\n“Company”) announces today that it intends to enter into\nsettlement agreements to settle an aggregate amount of $97,200.00 of\nindebtedness (the “\n \n Debt\nSettlement\n \n ”) through the issuance of an\n \n aggregate of 3,240,000 units (the “\n \n \n Settlement\n \n \n Units\n \n \n ”) at a deemed\nprice of $0.03 per Settlement Unit.\n \n Each Settlement Unit\nconsists of one common share (the “\n \n Common Shares\n \n ”) in the capital of the Company and one\nCommon Share purchase warrant exercisable at $0.075 for a period of\ntwo years from closing.  The Debt Settlement transaction is\nanticipated to close on or around January 19, 2024.\n \n \n \n The indebtedness relates to fees for services performed\nby certain insiders of the Company (\"\n \n \n Creditors\n \n \n \") from\nMay 1, 2023 through to September 30, 2023. The Company will enter into\ndebt settlement agreements with each Creditor in connection with the\nDebt Settlement.\n \n \n \n \n The issuance of the aggregate of 3,240,000 Settlement\nUnits to certain insiders of the Company constitutes a \"related\nparty transaction\" as such term is defined in Multilateral\nInstrument 61-101-\n \n \n Protection of Minority Securityholders in Special\nTransactions\n \n \n (\"\n \n \n MI 61-101\n \n \n \"). The\nCompany intends to rely on the exemptions from the valuation and\nminority shareholder approval requirements of MI 61-101 as neither the\nfair market value of such Settlement Shares nor the debt exceeds 25%\nof the Company's market capitalization.\n \n \n \n The Company further announces, pursuant to the news release dated\nOctober 11, 2023, the terms of the previously announced private\nplacement (the “\n \n Private\nPlacement\n \n ”) have been amended.   The Company has received\napproval by the Canadian Securities Exchange ...