Glow Announces Closing of Debt Settlement

Rhea-AI Summary

Glow LifeTech Corp. settles $211,837 of indebtedness through the issuance of 4,236,747 units at $0.05 per unit. Each unit includes a common share and half a common share purchase warrant, with warrants exercisable at $0.07 per share. Common shares are subject to a four-month hold period.

Toronto, Ontario--(Newsfile Corp. - February 16, 2024) - Glow LifeTech Corp. (CSE: GLOW) (OTCQB: GLWLF) ("Glow" or the "Company") announces that further to its press release of January 30, 2024 it has settled an aggregate of $211,837 of indebtedness owed to an arm's length creditor through the issuance of 4,236,747 units ("Units") of the Company at a price of $0.05 per Unit (the "Debt Settlement"). Each Unit shall be comprised of one common share in the capital of the Company (each, a "Common Share") and one-half a common share purchase warrant (each whole warrant, a "Warrant"). Each Warrant shall be exercisable into one Common Share (each, a "Warrant Share") in the capital of the Company at a price of $0.07 per Warrant Share until two years from the date of issuance of the Warrants. All Common Shares issued in connection with the Debt Settlement are subject to a statutory hold period of four months plus a day from the date of issuance in accordance with applicable securities legislation.

About Glow LifeTech Corp.
Glow LifeTech is a Canadian-based biotechnology company focused on producing nutraceutical and cannabinoid-based products with dramatically enhanced bioavailability, absorption and effectiveness. Glow has rights to the groundbreaking, plant-based MyCell Technology® delivery system, which transforms poorly absorbed natural compounds into enhanced water-compatible concentrates that unlock the full healing potential of the valuable compounds.

Website: www.glowlifetech.com

Contact:
James Van Staveren
Glow LifeTech Corp.
TF. 855-442-GLOW (4569)
ir@glowlifetech.com

Forward-looking Information Cautionary Statement

Except for statements of historic fact, this news release contains certain "forward-looking information" within the meaning of applicable securities law. Forward-looking information is frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate" and other similar words, or statements that certain events or conditions "may" or "will" occur. Forward-looking statements are based on the opinions and estimates at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those anticipated in the forward-looking statements including, but not limited to delays or uncertainties with regulatory approvals, including that of the CSE. There are uncertainties inherent in forward-looking information, including factors beyond the Company's control. There are no assurances that the commercialization plans for the technology described in this news release will come into effect on the terms or time frame described herein. The Company undertakes no obligation to update forward-looking information if circumstances or management's estimates or opinions should change except as required by law. The reader is cautioned not to place undue reliance on forward-looking statements. Additional information identifying risks and uncertainties that could affect financial results is contained in the Company's filings with Canadian securities regulators, which filings are available at www.sedarplus.ca.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/198293

FAQ

What amount of indebtedness did Glow LifeTech Corp. settle?

Glow LifeTech Corp. settled $211,837 of indebtedness.

How many units were issued in the Debt Settlement?

4,236,747 units were issued in the Debt Settlement.

At what price per unit were the units issued?

The units were issued at a price of $0.05 per unit.

What does each unit include?

Each unit includes one common share and half a common share purchase warrant.

At what price are the warrants exercisable?

The warrants are exercisable at $0.07 per share.

What is the hold period for the common shares?

Common shares are subject to a four-month hold period.