Home » Venture Capital » Michael Stein Announces Settlement of Debt with Danbel Ventures Inc.

Michael Stein Announces Settlement of Debt with Danbel Ventures Inc.






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

Short URL: https://www.88finance.com/?p=528098





Posted by on Mar 4 2017. Filed under Venture Capital. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry

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