iSIGN Media Announces a Shares for Debt Transaction
TORONTO, July 13, 2020 (GLOBE NEWSWIRE) -- iSIGN Media Solutions Inc. (“iSIGN” or “Company”) (TSX-V: ISD) (OTC: ISDSF), a leading provider of interactive mobile proximity marketing and public security alert solutions announced it has entered into a debt settlement arrangement with various companies and individuals in which the Company has agreed to issue an aggregate of 11,457,788 common shares at a deemed price of $0.05 per share in settlement of debts owned of $572,890.
Included in this transaction are various companies that are either wholly or partially owned and controlled by Josip Kozar, iSIGN’s Chief Executive Officer. Mr. Kozar is deemed to be a “related party”, as such term is defined in Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions (“MI 61-101”), being the Company’s Chief Executive Officer and currently holding approximately 15% of the Company’s issued and outstanding common shares of the Company.
For this transaction, the Company has relied on the exemption from the formal valuation requirements of MI 61-101 contained in section 5.5(a) of MI 61-101 and has relied on the exemption from the minority shareholder approval requirements of MI 61-101 contained in section 5.7(a) of MI 61-101.
This arrangement is subject to the approval of the TSX Venture Exchange (“Exchange”). The Company will issue these shares, which are subject to a four month hold period, once approva has been received from the Exchange.
About iSIGN Media
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Neither the TSX Venture Exchange nor Its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the accuracy of this release.
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