Danbel Ventures Inc.

March 03, 2017 20:34 ET

Danbel Ventures Inc. Announces Debt Settlement Transaction

TORONTO, ONTARIO--(Marketwired - March 3, 2017) - Danbel Ventures Inc. (the "Company") is pleased to announce that it has arranged to settle an aggregate amount of $305,258.40 of outstanding loans (the "Shareholder Loans") owing to a shareholder of the Company by way of issuance of common shares (the "Settlement"). The Company issued 5,500,000 common shares of the Company at a deemed price of $0.0555 per common share, in full satisfaction of the outstanding Shareholder Loans. All shares issued pursuant to the Settlement are 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 $250,000 owing by the Company.

Contact Information

  • Mr. Michael Stein
    President and CEO
    416-816-9690