Michael Stein

March 03, 2017 21:59 ET

Michael Stein Announces Settlement of Debt with Danbel Ventures Inc.

TORONTO, ONTARIO--(Marketwired - March 3, 2017) - 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.

Contact Information

  • Michael Stein
    (416) 410-7722