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SBD Capital Corp. (CSE: SBD) has announced key items for shareholder voting at its upcoming annual and special meeting on January 24, 2025. The company proposes a 10:1 share consolidation, which would reduce outstanding shares to approximately 789,016. Additionally, the company plans a debt settlement of up to $438,000, with shares to be issued at $0.27 per share post-consolidation, potentially resulting in 1,622,222 new shares.
The company has secured agreements to settle $279,945 of debt, including $116,942 owed to insider Chris Irwin. Following the consolidation and debt settlement, Mr. Irwin could hold up to 66.9% of outstanding shares, becoming a new Control Person. This transaction requires shareholder and CSE approval. The debt settlement is considered a related party transaction under MI 61-101.
SBD Capital Corp. (CSE: SBDCF) has announced the closing of a debt settlement, issuing 3,166,498 common shares at $0.05 per share to settle $158,324.92 of indebtedness. This includes a related party transaction, with an insider receiving 788,227 shares. The company is relying on exemptions from MI 61-101 requirements due to financial difficulties. The debt settlement aims to improve the company's financial position. The transaction was approved by independent board members, with no special committee established. The issued shares are subject to a four-month hold period.
SBD Capital Corp. (CSE: SBD) has announced a debt settlement plan to address an aggregate indebtedness of $158,324.92. The company intends to issue 3,166,498 common shares at a price of $0.05 per share to settle the debt. This transaction includes a related party component, with an insider set to receive 788,227 common shares. The debt settlement is subject to a four-month hold period and final acceptance from the Canadian Securities Exchange.
SBD Capital is relying on exemptions from valuation and minority shareholder approval requirements due to financial difficulties. The board of directors, excluding Mr. Chris Irwin, has approved the debt settlement. The company did not file a material change report 21 days before the closing, citing reasonable circumstances.
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