Knightscove Media Corp.

Knightscove Media Corp.

March 01, 2011 12:57 ET

Knightscove Media Corp. to Issue Shares to Ocean Point Advisors as Part of Settlement Agreement

TORONTO, ONTARIO--(Marketwire - March 1, 2011) - Knightscove Media Corp. (TSX VENTURE:KC.A)(TSX VENTURE:KC.B) ("Knightscove"or the "Company") is pleased to announce that they will be releasing 100,000 Subordinate Voting Shares to Ocean Point Advisors as per their settlement agreement dated January 2011 and referenced in a press release previously posted February 24th 2011. The stock shall be issued at a deemed price per share of $0.12.

In addition to the 100,000 Subordinate Voting Shares issued to Ocean Point Advisors, Knightscove is releasing 166,667 Subordinate Voting Shares to outside legal counsel who have agreed to accept stock in lieu of cash. Again, this stock shall be issued at a deemed price per share of $0.12. 

The entire amount of stock being issued in the shares for debt transaction (the "Shares for Debt Transaction") is 266,667 Subordinate Voting Shares. Knightscove is completing the Shares for Debt Transaction in part to conserve cash to support recent undertakings which Knightscove has recently announced and which it believes will enhance shareholder value.

The Shares for Debt Transactions remain subject to the approval of the TSX Venture Exchange and all subordinate voting shares issuable thereunder shall be subject to a statutory hold period.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release or the information contained herein.

Contact Information

  • Knightscove Media Corp.
    Leif Bristow
    President and CEO
    416-444-7900 x222