Vancouver, British Columbia--(Newsfile Corp. - October 13, 2023) - Visionary Metals Corp. (TSXV: VIZ) (the "Company" or "Visionary") is pleased to announce that it has entered into a shares for debt agreement as of October 11, 2023 to satisfy CAD $208,503.57 of the Company's debts. The Company has reached an agreement with the Company's Chief Executive Officer and Director, Wesley Adams ("Adams") to extinguish the Company's outstanding debt owing to him in exchange for the issuance of units of the Company (each, a "Unit") at a deemed price of CAD $0.08 per Unit. The debt is composed of a principal amount of USD $145,000, the equivalent of CAD $195,946, and includes accrued interest of CAD $12,557.57 at 6% (the "Debt"). Upon issuance of the Units to Adams, the Debt will be extinguished.
Each Unit is comprised of one common share of the Company (each, a "Unit Share") and one half of one common share purchase warrant (each whole warrant, a "Warrant"). Each Warrant entitles the holder thereof to acquire one common share of the Company (each, a "Warrant Share" and, together with the Unit Shares, the "Shares") at a price of CAD $0.12 for a period of 36 months from the closing date of the transaction (the "Transaction").
An aggregate of 2,606,295 Unit Shares will be issued to Adams, with a further 1,303,148 Warrant Shares issuable upon exercise of the Warrants, for a total of 3,909,443 Shares issuable to Adams pursuant to the Transaction.
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https://www.newsfilecorp.com/release/183917/Visionary-Metals-Corp.-Announces-Shares-for-Debt-Transaction |