On Thursday evening, Bhang Inc (CSE: BHNG) snuck in one final news release for 2020, indicating that the firm had completed a number of debt settlements via the issuance of shares. In total, nearly 6.9 million subordinate voting shares of the company were issued to settle certain outstanding debts.
The company elected to not reveal what debts in particular were settled via the issuance of shares, instead just indicating that 6,867,000 subordinate voting shares were issued at a price of $0.05 per share, the equivalent of $343,375. Also issued were 3,940,000 subordinate voting share purchase warrants at an exercise price of $0.10 per share. 1.54 million of those warrants are valid until December 30, 2023, while the remainder expire on December 30, 2021.
Shares issued under the debt settlement terms are subject to the standard hold period of four months and one day. It should also be stated that an undisclosed insider notably received 770,000 of the shares issued, although it did not indicate what the debt was in relation to.
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Bhang Inc last traded at $0.055 on the CSE.
Information for this briefing was found via the Sedar and Bhang Inc. The author has no affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
