Danbel Ventures Inc.

October 08, 2014 18:10 ET

Danbel Ventures Inc. Announces Debt Settlement Transaction

TORONTO, ONTARIO--(Marketwired - Oct. 8, 2014) - Danbel Ventures Inc. (the "Company") is pleased to announce that it has arranged to settle an aggregate amount of $250,000 of outstanding loans (the "Shareholder Loans") owing to a shareholder of the Company by way of issuance of common shares (the "Settlement"). The Company will issue 5,000,000 common shares of the Company at a deemed price of $0.05 per common share, in full satisfaction of the outstanding Shareholder Loans. All shares issued pursuant to the Settlement will be subject to a four-month hold period from the date of issuance.

The Company is also pleased to announce that its creditor, which holds a secured note (the "Secured Note") of the Company, has agreed to settle for nominal value and forever release an aggregate amount of approximately $9,173,195 of the $9,423,195 currently owing by the Company (the "Debt Forgiveness"). Following the Debt Forgiveness, the Company continues to owe approximately $250,000 pursuant to the Secured Note.

Contact Information

  • Danbel Ventures Inc.
    Mr. Barry Polisuk
    President and CEO