Veji Announces Proposed Share Issuance under its BIA Proposal
Veji Holdings Ltd. (CSE:VEJI, OTC PINK:VEJIF) has received approval from the Supreme Court of British Columbia for a Division I proposal under the Bankruptcy and Insolvency Act, allowing the company to issue 25,726,146 common shares to creditors to settle approximately $4,000,000 in outstanding debt. The Settlement Shares, subject to Canadian Securities Exchange approval, will be issued within five business days and are subject to a statutory hold period of four months and one day. This move aims to address the company's financial obligations and improve its balance sheet.
- Court approval received for debt settlement via share issuance.
- Issuance of shares to settle approximately $4,000,000 in debt may improve financial stability.
- Significant debt of approximately $4,000,000 may indicate financial distress.
VANCOUVER BC / ACCESSWIRE / April 21, 2023 / Veji Holdings Ltd.(CSE:VEJI) (OTC PINK:VEJIF) (the "Company'' or "Veji") is pleased to announce that, having received approval from the Supreme Court of British Columbia (Vernon Registry) for its Division I proposal pursuant to the Bankruptcy and Insolvency Act (Canada), the Company intends to issue 25,726,146 common shares ("Settlement Shares") to its creditors to settle outstanding debt in the approximate amount of
Subject to the approval of the Canadian Securities Exchange, the Settlement Shares will be issued after 5 business days from the date of this press release. All Settlement Shares will be subject to a statutory hold period of four months and one day from the date of issuance.
About Veji Holdings Ltd.
The Company is a reporting issuer in Canada and is listed on the Canadian Securities Exchange under the symbol "VEJI" and on the OTC under the symbol "VEJIF".
For more information please visit VejiHoldings.com
ON BEHALF OF THE BOARD OF DIRECTORS:
Kory Zelickson
Director and CEO
For investor inquiries or further information, contact: ir@vejiholdings.com
No securities regulatory authority has either approved or disapproved of the contents of this news release.
THE CANADIAN SECURITIES EXCHANGE (THE "CSE") HAS NEITHER APPROVED NOR DISAPPROVED THE CONTENTS OF THIS PRESS RELEASE. NEITHER THE CSE NOR ITS MARKET REGULATOR (AS THAT TERM IS DEFINED IN THE POLICIES OF THE CSE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
CAUTIONARY NOTE REGARDING FORWARD-LOOKING INFORMATION:
This release includes forward-looking information and forward-looking statements within the meaning of Canadian securities laws regarding VEJI and its business, including, without limitation, statements regarding the issuance of the Settlement Shares. Often, but not always, forward-looking information can be identified by the use of words such as "plans", "is expected", "expects", "scheduled", "intends", "contemplates", "anticipates", "believes", "proposes" or variations (including negative variations) of such words and phrases, or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. Such statements are based on the current expectations of the management of VEJI and are based on assumptions and subject to risks and uncertainties. Although the management of VEJI believes that the assumptions underlying these statements are reasonable, they may prove to be incorrect. The forward-looking events and circumstances discussed in this release may not occur by certain specified dates or at all and could differ materially as a result of VEJI's failure to receive approval of the Canadian Securities Exchange and the risk factors identified in VEJI's most recently filed management's discussion and analysis and in other publicly filed documents under VEJI's profile on SEDAR at www.sedar.com, as well as other unknown risks. Although VEJI has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended. Accordingly, readers should not place undue reliance on any forward-looking statements or information. No forward-looking statement can be guaranteed. Except as required by applicable securities laws, forward-looking statements speak only as of the date on which they are made and VEJI does not undertake any obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise.
SOURCE: Veji Holdings Ltd.
View source version on accesswire.com:
https://www.accesswire.com/750744/Veji-Announces-Proposed-Share-Issuance-under-its-BIA-Proposal
FAQ
What is Veji Holdings Ltd.'s recent announcement regarding debt settlement?
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