Pursuant to debt settlement and forbearance agreements:
- Debt Settlement. Notes held by arm's length lenders representing total of
C$610,800 principal amount and accrued interest have been satisfied in full through the issuance of 61,080,000 common shares of the Company at a deemed price ofC$0.01 per share; and - Forbearance. The arm's length and non-arm's length holders of the remaining
C$210,720 of indebtedness under the Notes have agreed not to enforce their rights under the Notes untilAugust 26, 2024 and to forgo any entitlement to any additional interest on the indebtedness during that period.
The shares issued pursuant to the debt settlement are subject to a four month hold period from the date of issuance.
The Company also provides an update with respect to the management cease trade order (the "MCTO") issued by the
The Company is working on the steps required to complete the Annual Filings and expects to file the Annual Filings by
The Company is providing this status update in accordance with the provisions of the Alternative Information Guidelines set out in National Policy 12-203 Management Cease
The Company confirms as of the date of this news release that, except as disclosed in this news release, there has been no material change in the information contained in the announcement issued on
The debt settlement remains subject to the final approval of the
About
Information about the Company's MOUNTAIN® Smokes line of hemp smokes can be found at the Company's ecommerce website at https://mountainsmokes.com.
Neither the
Forward-Looking Statements
This news release contains forward-looking statements and forward-looking information within the meaning of applicable securities laws. The use of any of the words "expect", "anticipate", "continue", "estimate", "objective", "ongoing", "may", "will", "project", "should", "believe", "plans", "intends" and similar expressions are intended to identify forward-looking information or statements. More particularly, and without limitation, this news release contains forward-looking statements and information concerning the anticipated filing of the financial statements.
SOURCE The
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