CALGARY, ALBERTA--(Marketwired - Aug. 8, 2016) - Vivione Biosciences Inc. ("Vivione" or the "Corporation") (NEX:VBI.H) is pleased to announce that it has completed the previously announced shares for debt transaction with Mr. Chester Jachimiec, the Chief Executive Officer and Chief Financial Officer of Vivione (the "Transaction").
Pursuant to the Transaction, the Corporation issued 600,000 Class A common shares ("Common Shares") in the capital of the Corporation to Mr. Jachimiec at $0.05 per share (the "Issuance").
The participation of Mr. Jachimiec in the Transaction constitutes a "related party transaction" within the meaning of Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions ("MI 61-101"). The Corporation is relying upon exemptions from the formal valuation requirement and minority approval requirement of MI 61-101 based on a determination that the fair market value of the Issuance does not exceed 25% of the market capitalization of the Corporation and the fact that no securities of the Corporation are listed or quoted on specified markets (as that term is described in MI 61-101).
Vivione received approval of the Issuance from the TSX Venture Exchange.
NEITHER NEX NOR ITS REGULATION SERVICES PROVIDER ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
Contact Information:
Chester Jachimiec
Chief Executive Officer and Chief Financial Officer
cjachimiec@vivionebiosciences.com