Fort Technology Settles US$2.46 Million Debt Through Share Issuance to Control Shareholder

Fort Technology Inc. ( (TSE:FORT) ) has shared an announcement.

Fort Technology Inc. has completed a shares-for-debt transaction with control shareholder Jeffs’ Brands Ltd., issuing 3,401,603 common shares at a deemed price of $0.99 per share to settle approximately US$2.46 million (CAD$3.37 million) of indebtedness originally incurred by its UK and US subsidiaries and later assigned to the parent company. The settlement, which is classified as a related-party transaction under MI 61-101 but falls below the 25% market capitalization threshold, received approval from disinterested shareholders at the request of the TSX Venture Exchange and remains subject to final TSXV approval, strengthening Fort Technology’s balance sheet while modestly increasing equity ownership concentration by an existing control person.

More about Fort Technology Inc.

Fort Technology Inc. is an established manufacturer and seller of amateur and professional products for the pest control and remedial repair industry. Its key operating subsidiary, Fort Products Limited in the UK, has been active in the pest control sector since 2005, leveraging nearly two decades of technical experience to serve industry customers.

Average Trading Volume: 2,034

Technical Sentiment Signal: Sell

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