Michael Stein Announces Settlement of Debt with Danbel Ventures Inc.
(firmenpresse) - TORONTO, ONTARIO -- (Marketwired) -- 03/03/17 -- Michael Stein (the "Shareholder") announced today that, his wholly-owned holding company, WFE Investments Inc. ("WFE"), agreed to settle an aggregate amount of $305,258.40 in various loans and interest owing by Danbel Ventures Inc. (the "Company") to the Shareholder in exchange for the issuance of 5,500,000 common shares (the "Settlement Shares") of the Company at a price of $0.0555 per Settlement Share pursuant to a debt settlement agreement dated March 3, 2017 (the "Debt Settlement").
Prior to the Debt Settlement, the Shareholder owned directly and indirectly 2,648,881 common shares of the Company representing approximately 43.9% of the outstanding common shares of the Company.
Following the Debt Settlement, the Shareholder through WFE, sold 2,413,336 common shares of the Company at an aggregate amount of $65,642.74 (or $0.0272 per share)(the "Share Sale").
Following the Share Sale and Debt Settlement, the Shareholder has ownership or control over 5,735,545 common shares of the Company, representing approximately 49.6% of the outstanding common shares of the Company.
The Shareholder may from time to time, increase or decrease his ownership of securities of the Company depending upon future market conditions.
Contacts:
Michael Stein
(416) 410-7722
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Datum: 03.03.2017 - 20:59 Uhr
Sprache: Deutsch
News-ID 1490550
Anzahl Zeichen: 4805
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TORONTO, ONTARIO
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Venture Capital
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