Mr. Scott Ackerman reports
CAMEX ENERGY ANNOUNCES SHARES FOR DEBT SETTLEMENT
Camex Energy Corp. has arranged to settle outstanding indebtedness with certain creditors through the issuance of common shares of the company, subject to approval of the TSX Venture Exchange. Pursuant to the shares for debt settlement, the company has agreed to issue a total of 8,241 common shares of Camex at a deemed price of $1.82 per share (on a postconsolidation basis) in satisfaction of an outstanding loan of $15,000. In addition, the company has agreed to issue 65,935 common shares of Camex at a deemed price of $1.82 per share (on a postconsolidation basis) to settle $120,000 of unpaid consulting fees owed to Emprise Capital Corp., a private company of which Scott Ackerman, the president and chief executive officer of Camex, is a principal. The common shares issuable pursuant to the shares for debt settlement are expected to be issued upon completion of the reverse takeover transaction involving Camex and Desert Lion Energy Corp. In connection with the RTO, Camex anticipates completing a consolidation of its outstanding common shares on a 12.0258-for-one basis. The common shares to be issued pursuant to the shares for debt settlement will be subject to a four-month hold from the applicable date of issuance.
We seek Safe Harbor.
© 2024 Canjex Publishing Ltd. All rights reserved.