79North (TSE:JQ) has released an update.
79North Inc. has announced plans to issue nearly 2 million common shares to settle $49,022.60 of debt with creditors, a transaction involving shares priced at $0.025 each. The debt settlement is subject to a four-month hold period and regulatory approvals, including from the Canadian Securities Exchange, with an anticipated closing date of July 3, 2024. The deal is considered a related party transaction as the company’s CEO, Jon North, is involved, but does not require formal valuation or minority shareholder approval.
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