SBD Capital Corp. Announces Closing of Debt Settlement
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: SBDCF) ha annunciato la chiusura di un accordo di estinzione del debito, emettendo 3.166.498 azioni ordinarie a 0,05 USD ciascuna per estinguere un debito di 158.324,92 USD. Questo include una transazione con parti correlate, con un insider che riceve 788.227 azioni. L'azienda si affida a esenzioni dai requisiti MI 61-101 a causa di difficoltà finanziarie. L'accordo di estinzione del debito ha l'obiettivo di migliorare la posizione finanziaria dell'azienda. La transazione è stata approvata da membri indipendenti del consiglio, senza un comitato speciale costituito. Le azioni emesse sono soggette a un periodo di blocco di quattro mesi.
SBD Capital Corp. (CSE: SBDCF) ha anunciado el cierre de un acuerdo de liquidación de deuda, emitiendo 3,166,498 acciones ordinarias a 0.05 USD por acción para saldar 158,324.92 USD de deuda. Esto incluye una transacción con partes relacionadas, con un interno recibiendo 788,227 acciones. La compañía se está basando en exenciones de los requisitos de MI 61-101 debido a dificultades financieras. El acuerdo de liquidación de deuda tiene como objetivo mejorar la posición financiera de la empresa. La transacción fue aprobada por miembros independientes de la junta, sin que se estableciera un comité especial. Las acciones emitidas están sujetas a un período de retención de cuatro meses.
SBD Capital Corp. (CSE: SBDCF)는 158,324.92달러의 채무를 해결하기 위해 주당 0.05달러에 3,166,498개의 보통주를 발행하며 부채 정산을 마무리했다고 발표했습니다. 여기에는 내부자가 788,227주의 주식을 받는 관련 당사자 거래가 포함됩니다. 이 회사는 재정적 어려움으로 인해 MI 61-101 요구 사항에 대한 면제를 의존하고 있습니다. 부채 정산의 목적은 회사의 재무 상태를 개선하는 것입니다. 이 거래는 독립 이사들에 의해 승인되었으며, 특별 위원회는 설정되지 않았습니다. 발행된 주식은 4개월 동안 보유해야 합니다.
SBD Capital Corp. (CSE: SBDCF) a annoncé la clôture d'un règlement de dettes, émettant 3.166.498 actions ordinaires à 0,05 USD par action pour régler une dette de 158.324,92 USD. Cela inclut une transaction avec des parties liées, un initié recevant 788.227 actions. L'entreprise s'appuie sur des exemptions aux exigences de MI 61-101 en raison de difficultés financières. Le règlement de la dette vise à améliorer la position financière de l'entreprise. La transaction a été approuvée par des membres indépendants du conseil d'administration, sans qu'un comité spécial soit constitué. Les actions émises sont soumises à une période de blocage de quatre mois.
SBD Capital Corp. (CSE: SBDCF) hat den Abschluss einer Schuldenregelung angekündigt und 3.166.498 Stammaktien zu je 0,05 USD ausgegeben, um eine Schuldenlast von 158.324,92 USD zu begleichen. Dies umfasst eine Transaktion mit nahestehenden Personen, bei der ein Insider 788.227 Aktien erhält. Das Unternehmen verlässt sich aufgrund finanzieller Schwierigkeiten auf Ausnahmen von den Anforderungen nach MI 61-101. Die Schuldenregelung zielt darauf ab, die finanzielle Lage des Unternehmens zu verbessern. Die Transaktion wurde von unabhängigen Vorstandsmitgliedern genehmigt, ohne dass ein Sonderausschuss eingerichtet wurde. Die ausgegebenen Aktien unterliegen einer Sperrfrist von vier Monaten.
- Reduced company debt by $158,324.92
- Improved financial position without cash outlay
- Dilution of existing shareholders due to issuance of 3,166,498 new shares
- Related party transaction involving an insider, potentially raising conflict of interest concerns
Toronto, Ontario--(Newsfile Corp. - August 29, 2024) - SBD Capital Corp. (CSE: SBD) (the "Company") announces that, further to its press release of August 21, 2024, it has settled an aggregate of
The Debt Settlement is considered a "related party transactions" as defined in Multilateral Instrument 61-101 - Protection of Minority Securityholders in Special Transactions ("MI 61-101"), as an insider of the Company received 788,227 Common Shares. The Company is relying on the exemptions from the valuation and minority shareholder approval requirements of MI 61-101 contained in sections 5.5(g) and 5.7(1)(e) of MI 61-101, as the Company is in financial difficulty and the transaction is designed to improve the financial position of the Company, as determined in accordance with MI 61-101. The Company did not file a material change report in respect of the related party transaction at least 21 days before the closing of the Debt Settlement, which the Company deems reasonable.
The Debt Settlement was approved by the members of the board of directors of the Company who are independent for the purposes of the Debt Settlement, being all directors other than Mr. Chris Irwin. No special committee was established in connection with the Debt Settlement, and no materially contrary view or abstention was expressed or made by any director of the Company in relation thereto.
For further information, please contact:
SBD Capital Corp.
Carly Burk
Secretary
Tel: (416) 361-2515
Email: cburk@irwinlowy.com
Forward-Looking Information
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", "may", "will", "would", "potential", "proposed" and other similar words, or statements that certain events or conditions "may" or "will" occur. These statements are only predictions. Forward-looking information is based on the opinions and estimates of management at the date the information is provided, and is subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking information. For a description of the risks and uncertainties facing the Company and its business and affairs, readers should refer to the Company's Management's Discussion and Analysis. The Company undertakes no obligation to update forward-looking information if circumstances or management's estimates or opinions should change, unless required by law. The reader is cautioned not to place undue reliance on forward-looking information.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/221470
FAQ
What was the total amount of debt settled by SBD Capital Corp. (SBDCF)?
How many shares did SBD Capital Corp. (SBDCF) issue for the debt settlement?
What was the price per share for the debt settlement by SBD Capital Corp. (SBDCF)?
Was there a related party transaction involved in SBD Capital Corp.'s (SBDCF) debt settlement?
