Lendified Holdings Inc.: Lendified Completes Shares for Debt Transaction
Company or
Lendified ) is pleased to announce that it has completed its shares for debt settlement as announced on May 14, 2021 and July 29, 2021. The Company has settled an aggregate of $10,618,310.53 of outstanding indebtedness with certain creditors (the
Debt Conversion ) through the issuance of 212,366,210
common shares of the Company at a price of $0.05 per share. The common shares issued are subject to a four-month hold period under applicable law expiring on December 1, 2021.
Certain parties to the Debt Conversions are related parties of the Company accounted for an aggregate of $5,156,965.45 of the Debt Conversion. The settlement of debt and the issuance of common shares in the Debt Conversion to such parties is a related party transaction pursuant to Multilateral Instrument 61-101 -
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