Business
Voyageur Announces New Chief Financial Officer, Issuance of Shares and Warrants to Extinguish Debt, and Issuance of Stock Options
(via TheNewswire) Calgary, Alberta - TheNewswire - February 24 th , ...
About this update from Voyageur Pharmaceuticals Ltd
[{"type":"text","content":"Voyageur Announces New Chief Financial Officer, Issuance of Shares and Warrants to Extinguish Debt, and Issuance of Stock Options(via TheNewswire)\n \n \nCalgary, Alberta - TheNewswire - February 24th, 2020 - Voyageur Pharmaceuticals Ltd. (TSXV:VM) (the \"Company\" or \"Voyageur\") is pleased to announce the appointment of Ron Love, B.Comm, C.A. as Chief Financial Officer. \n\n\n \nGordon Forbes, Voyageur's outgoing CFO is retiring after serving as CFO of the company since 2016. Voyageur is excited to announce the appointment of Ron Love as CFO effective immediately. The appointment of Mr. Love is subject to the approval of the TSX Venture Exchange.\n\n\n \nRon has 25 years of experience building, leading, and advising private and public companies internationally in various industry verticals. Ron has substantial experience as a CFO in public companies including taking three companies through IPO's, M&A transactions and resulting integrations, complex restructurings, international expansions, and capital market transactions. Success achieved in leading capital market transactions with investment bank syndicates and worldwide strategic partners in arranging approximately $1 billion through different structures of equity and debt. Ron is an excellent leader with a track record of documented contributions leading to improved financial performance, heightened productivity, and enhanced internal controls. Seen as a trusted resource in building relationships and communication lines across all departments and operations\n\n\n \nUnder the restructuring initiative, the Company established a plan to retire a significant portion of its current liabilities through the issuance of equity securities. To that end, the TSXV has approved the conversion of $288,459.41 in liabilities into equity, at a deemed price of $0.075 per share, which resulted in the issuance of 3,846,128 common shares and 2,650,688 common share purchase warrants, each of which warrant entitles the holder to acquire one additional common share at $0.20 per share for a period of two years from the date of issuance. Of the debt retired, $177,256.33 was owed to non-arm's length parties, the vast majority of which consisted of cash loans made by directors and officers, and for services from a firm that was arm's length to the Company at the time the services were rendered bu...