Minnova Corp (TSE:MCI) has released an update.
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Minnova Corp. has announced plans to address its $112,500 debt by issuing 1,500,000 common shares at a price of $0.075 each, which are subject to a four-month hold period and the approval of the TSX Venture Exchange. The proposed debt settlement is considered a related party transaction as insiders will receive a significant portion of the shares, but exemptions due to the company’s financial status have been applied. This move is part of Minnova’s efforts to strengthen its financial position without establishing a special committee or experiencing significant dissent within the board.
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