Business
Zonetail Inc. Announces Debt Settlement and Issuance of Stock Options
Toronto, Ontario--(Newsfile Corp. - January 5, 2021) - Zonetail Inc.  (TSXV:  ZONE...
About this update from Zonetail, Inc.
[{"type":"text","content":"Zonetail Inc. Announces Debt Settlement and Issuance of Stock OptionsToronto, Ontario--(Newsfile Corp. - January 5, 2021) - Zonetail Inc. (TSXV: ZONE) (\"Zonetail\" or the \"Company\"), is pleased to report that its board of directors has approved the settlement of up to $49,616 of debt through the issuance of common shares of the Company (the \"Debt Settlement\"). Pursuant to the Debt Settlement, the Company would issue 598,871 common shares of the Company (the \"Shares\") at a deemed price of $0.06 per Share to convertible debenture holders, on account of accrued interest, in the amount of $35,932 and 182,453 Shares at a deemed price of $0.075 per share to certain of its directors for fees in the amount of $13,684 (the \"Creditors\").The issuance of the Shares to the Creditors is subject to the approval of the TSX Venture Exchange. All securities issued will be subject to a four month hold period which will expire on the date that is four months and one day from the date of issue.As certain insiders participated in the Debt Settlement, it is considered to be a \"related party transaction\" under Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions (\"MI 61-101\"). All of the independent directors of the Company, acting in good faith, considered the transactions and have determined that the fair market value of the securities being issued to insiders and the consideration being paid is reasonable. The Company intends to rely on the exemptions from the valuation and minority shareholder approval requirements of MI 61-101 contained in sections 5.5(b) and 5.7(b) of MI 61-101.The Company also wishes to announce that it has issued a total of 30,000 stock options with an exercise price of $0.75 for a period of one year to a consultant of the Company. About ZonetailZonetail is a mobile platform for hotels and condominiums providing guests and residents access and interaction with building amenities and services as well as neighboring restaurants, stores, services, and attractions. Zonetail is partnered with AAHOA, the largest association of hoteliers in the world, representing over 25,000 hotels and 50% of the US market. Zonetail is also partnered with Shiftsuite, one of the largest property management system software providers to the condo industry in Canada, with approximate...