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YANGAROO Concludes Shares for Debt Agreements and Effects Share Consolidation
(via Thenewswire.ca) TORONTO, CANADA - YANGAROO Inc. (TSX-V: YOO, OTC: YOOIF), the indus...
About this update from Yangaroo Inc.
[{"type":"text","content":"YANGAROO Concludes Shares for Debt Agreements and Effects Share Consolidation(via Thenewswire.ca)\n\n \nTORONTO, CANADA - YANGAROO Inc. (TSX-V: YOO, OTC: YOOIF), the industry's leading secure digital media management company (the \"Company\"), is pleased to announce that it has entered into shares for debt agreements with a majority of its current debenture holders (the \"Debenture Holders\") whereby, of the current outstanding indebtedness of the Company equal to $6,379,656.84 (the \"Total Debt\"), a total of $4,245,128.26 will be converted into post-Consolidation (as defined below) common shares of the Company at a deemed price of $0.25 per common share (the \"Shares for Debt Transaction\"). The Company has exceeded the 40% conversion threshold it had previously set and announced in a news release on July 3, 2013 (the \"July 3 Release\"), as over 66% of the Total Debt is being converted under the Shares for Debt Transaction.\n\n\n \nThe Shares for Debt Transaction and issuance of the common shares will not result in the creation of a new Control Person (as such term is defined in the TSX Venture Exchange Corporate Finance Manual), will be subject to a four-month hold period from the date of issuance and will be subject to the approval of the TSX Venture Exchange (the \"Exchange\").\n\n\n \nThe Company is also pleased to announce that it has completed the consolidation of its issued and outstanding common shares, as previously announced in the July 3 Release (the \"Consolidation\"). Effective today, the Company's common shares have been consolidated on a basis of ten pre-Consolidation shares for each one post-Consolidation share. The Company now has a total of 16,324,477 common shares issued and outstanding.\n\n\n \nThe Consolidation was approved by the Company's shareholders at its annual and special shareholders meeting held on August 15, 2013 and has been accepted by the Exchange.\n\n\n \nThe Company has not changed its name or its trading symbol as part of the Consolidation.\n\n\n \nThe Shares for Debt Transaction and the Consolidation are being completed as part of a larger debt restructuring plan that was initially announced in the July 3 Release. The Company believes that it is on schedule with respect to the completion of the Release Conditions (as defined in the July 3 Release).\n\n\n \nFurther updates will be announce...