RevoluGROUP Canada Inc. Announces Shares for Debt Transaction
20 Luglio 2023 - 9:17PM
RevoluGROUP Canada Inc. (TSX-V:
REVO),
(Frankfurt: IJA2),
(Munich: A2PU92) (the "Company")
announces that executive management has today signed a corporate
resolution in which the Company plans to settle and extinguish
$164,536.15 of the Company’s outstanding debt (the "Debt") through
the issuance of common shares of the Company ("Common Shares"). In
accordance with the settlement of Debt (the "Debt Settlement"), the
Company intends to issue 2,056,702 Common Shares at a deemed price
of $0.08 per Common Share to four creditors of the Company. The
Company wishes to settle and extinguish the Debt through the
issuance of Common Shares to preserve cash and improve the
Company's balance sheet.
The Debt Settlement involves the issuance of a
combined 2,056,702 Common Shares to certain directors and officers
(collectively, the "Related Parties"). An aggregate of 1,736,308
Common Shares is to be issued to the Company's Chief Executive
Officer representing $138,904.63 in extinguishment of the debt
owing to him personally and to a company he controls and directs
for services rendered in his capacity as Chief Executive Officer.
An aggregate of 320,394 Common Shares is to be issued to four
directors representing $25,631.52 in extinguishment of the debt
owing to them.
The Debt Settlement is subject to acceptance and
approval by the TSX Venture Exchange. Any Common Shares issued
pursuant to the Debt Settlement are subject to a four-month hold
period, which will expire on the date that is four months and one
day from the date of eventual issuance.
The Debt Settlement involving the Related
Parties constitutes a "related party transaction" under
Multilateral Instrument 61- 101 – Protection of Minority
Securityholders in Special Transactions ("MI 61-101"). The Company
would rely on the exemptions from the valuation and the minority
approval requirements of MI 61-101 provided for in subsections
5.5(a) and 5.7(a) of MI 61- 101, respectively, as the fair market
value of the subject of, and the consideration paid in the Debt
Settlement, in relation to the interested parties, does not
represent more than 25% of the Company's market capitalization, as
determined in accordance with MI 61-101. The participation by the
Related Parties in the Debt Settlement has been approved by the
directors of the Company.
About RevoluPAY®
The Company's flagship Neobanking technology is
RevoluPAY®, the Apple and Android multinational payment app.
Conceived entirely in-house, RevoluPAY features proprietary,
sector-specific technology of which the resulting source code is
the Company's intellectual property. RevoluPAY's built-in features
include Remittance Payments, Forex, Crypto-to-fiat exchange, Retail
and Hospitality payments, Real Estate Payments, pay-as-you-go phone
top-ups, Gift Cards & Online Credits, Utility Bill payments,
Gaming Credits, Leisure payments, Travel Payments, etc. RevoluPAY
is aimed squarely at the worldwide multi-billion dollar Open
Banking sector, cross-border forex payments, and + $595 billion
family remittance market. RevoluPAY® is operated by the European
wholly-owned subsidiary RevoluPAY EP S.L situated in Barcelona.
RevoluPAY is a licensed United States MSB, Canadian FINTRAC, and
European PSD2 payment institution 6900 under the auspices of E.U.
Directive 2015/2366 with E.U. 27 Country Passporting and official
issuer of Visa® Cards and
authorized Visa® Affiliate Member.
RevoluGROUP Canada Inc. controls five wholly-owned subsidiaries on
four continents.
About RevoluGROUP
Canada Inc.:
RevoluGROUP Canada Inc. is a multi-asset,
multidivisional, publicly traded Canadian Company deploying
advanced technologies in; Banking, Mobile Apps, Money Remittance,
Cross-Border Forex Payments, Mobile Phone Top-Ups, EGaming,
Healthcare Payments, Esports, Invoice factoring, Online Travel,
Vacation Resort, Blockchain Systems, and Fintech app sectors. Click
here to read more.
For further information on RevoluGROUP Canada
Inc. (TSX-V: REVO), visit the Company's website at
www.RevoluGROUP.com. The Company has approximately 194,047,376
shares issued and outstanding.
RevoluGROUP Canada,
Inc.
"Steve Marshall" ______________________STEVE
MARSHALLCEO
For further information, contact:RevoluGROUP
Canada Inc.Telephone: (604) 332 5355Email: info@revolugroup.com
NEITHER THE TSX VENTURE EXCHANGE NOR ITS
REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN POLICIES
OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE
ADEQUACY OR ACCURACY OF THIS RELEASE.
This release includes certain statements that
may be deemed to be "forward-looking statements". All statements in
this release, other than statements of historical facts, that
address events or developments that Management of the Company
expects, are forward-looking statements. Although Management
believes the expectations expressed in such forward-looking
statements are based on reasonable assumptions, such statements are
not guarantees of future performance, and actual results or
developments may differ materially from those in the
forward-looking statements. The Company undertakes no obligation to
update these forward-looking statements if Management's beliefs,
estimates or opinions, or other factors, should change. Factors
that could cause actual results to differ materially from those in
forward-looking statements, include market prices, exploration and
development successes, continued availability of capital and
financing, and general economic, market or business conditions.
Please see the public filings of the Company at www.sedar.com for
further information.
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