Stoneset Equity Development Corp.
CNSX : SQC

Stoneset Equity Development Corp.

October 01, 2010 15:13 ET

Stoneset Equity Development Corp. Settles Dissent Action

CALGARY, ALBERTA--(Marketwire - Oct. 1, 2010) -

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Stoneset Equity Development Corp. ("Stoneset") (CNSX:SQC) is pleased to announce that it has entered into a settlement agreement with Gemico Enterprises Inc., a former shareholder of Stoneset Equities Ltd. ("SEL") which had commenced a dissent action under the Business Corporations Act (Alberta) in connection with the recently completed amalgamation of SEL and Aqueous Capital Corp. (see press release dated March 26, 2010). Under the terms of the settlement agreement, Gemico will receive an aggregate of 1,385,047 Stoneset shares at a deemed price of $0.43 per share, of which 965,116 are to be issued in satisfaction of a $415,000 promissory note. Gemico will discontinue its dissent action for which Stoneset has agreed to pay Gemico's reasonable legal fees and each of Stoneset and Gemico have agreed to execute a mutual release.

Cautionary Statements

The statements in this news release are made as of the date of this release. Stoneset does not undertake any obligation to update such forward-looking statements except as required by applicable securities laws.

THE CNSX EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THE CONTENT OF THIS PRESS RELEASE.

Contact Information

  • Stoneset Equity Development Corp.
    Tony Argento
    Chairman and Chief Executive Officer
    or
    Stoneset Equity Development Corp.
    3915-8 Street S.E.
    Calgary, Alberta T2G 3A5
    (403) 237-8822