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The Jenex Corporation Announces Completion of Debt Settlement, Files TherOZap(TM) Device Patent and Presents at Chinese Global Financial Forum
Toronto, Ontario--(Newsfile Corp. - December 4, 2017) - The Jenex Corporation (TSXV: JEN.H) ...
About this update from Therma Bright Inc.
[{"type":"text","content":"The Jenex Corporation Announces Completion of Debt Settlement, Files TherOZap(TM) Device Patent and Presents at Chinese Global Financial ForumToronto, Ontario--(Newsfile Corp. - December 4, 2017) - The Jenex Corporation (TSXV: JEN.H) (\"Jenex\" or the \"Company\"), a progressive medical device technology company, today announces that has received both shareholder and NEX Exchange approval and accordingly has closed its debt settlement arrangements with certain insiders and former insiders of the Company and issued an aggregate of 16,008,634 common shares at a deemed price of $0.05/share to settle and extinguish an aggregate of $800,431.70 in outstanding debt owed to the creditors. All shares are subject to a hold period expiring four months plus a day after their date of issuance.The settled debt included the issuance of 4,005,398 common shares (approx. 2.7% of the Company's issued shares) to settle $200,269.90 debt owed to Rob Fia, CEO and a director of Jenex; 1,854,600 common shares (approx. 1.2% of the Company's issued shares) to settle $92,730.00 debt owed to John Gamble, a director of Jenex; 2,350,000 common shares (approx. 1.6% of the Company's issued shares) to settle $117,500.00 debt owed to Tak Wing Law, CFO of Jenex; and 4,458,636 common shares (approx. 3% of the Company's issued shares) to settle $222,931.80 debt owed to David Woods, an insider of Jenex by virtue of his shareholdings in the Company. After completion of these share issuances, Mr. Fia now owns 10,016,344 common shares of Jenex (approx. 6.6% of the Company's issued shares); Mr. Gamble now owns 3,920,000 common shares of Jenex (approx. 2.6% of the Company's issued shares); Mr. Law now owns 3,400,000 common shares of Jenex (approx. 2.3% of the Company's issued shares); and Mr. Woods now owns 30,076,136 common shares of Jenex (approx. 19.9% of the Company's issued shares). All above-mentioned debt settlements are related party transactions as defined in Multilateral Instrument 61-101- Protection of Minority Security Holders in Special Transactions (\"MI 61-101\"). The Company is exempt from the formal valuation requirement of MI 61-101; however, the Company did obtain shareholder approval to these debt settlements at its recently held AGM on November 15, 2017. Jenex would like to further report that the company has submitted a new patent application in the ...