MISSISSAUGA, Ontario, March 25, 2021 (GLOBE NEWSWIRE) — Further to its press release dated March 11, 2021, Canada Carbon Inc. (the “Company“) (TSX-V: CCB) announces that it has amended the terms of the debt settlement agreement with the estate of its former CEO, R. Bruce Duncan. In accordance with the terms of the Amended Debt Settlement, the Company has agreed to settle an aggregate of $409,556 of accrued management fees in consideration for the issuance of an aggregate of 2,155,558 common shares in the capital of the Company (the “Ordinary actions”) at a deemed price of $0.19 per share (the “Debt settlement”).
Settlement of the debt remains subject to acceptance by the TSX Venture Exchange. The common shares issued pursuant to the debt settlement will be subject to a statutory hold period of four months and one day.
For more information:
Carbon Canada Inc.
Director of Public Affairs and Communications
Carbon Canada Inc.
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 adequacy or accuracy of this release.
FORWARD-LOOKING STATEMENTS: This press release contains forward-looking statements, which relate to future events or future performance and reflect management’s current expectations and assumptions. These forward-looking statements reflect management’s current beliefs and are based on assumptions made by the Company and information currently available to it. Investors are cautioned that these forward-looking statements are neither promises nor guarantees, and are subject to risks and uncertainties that may cause future results to differ materially from those expected. These forward-looking statements are made as of the date hereof and, except as required by applicable securities laws, the Company undertakes no obligation to update or revise them to reflect new events or circumstances. All forward-looking statements made in this press release are qualified by these cautionary statements and by those made in our filings with SEDAR in Canada (available at www.sedar.com).