cyberman wrote: Toronto, Ontario--(Newsfile Corp. - September 23, 2019) - Osoyoos Cannabis Inc. (CSE: OSO) ("Osoyoos" or the "Company") announces that it has entered into a debt settlement agreement with an arm's length creditor. The agreement reduces the Company's liabilities by $750,000 and improves the Company's financial position with respect to both continued execution of its business plan and evaluation of potential corporate transactions.
In final settlement of the debt of $1,000,000, Osoyoos has issued the creditor 1,500,000 shares of the Company, paid $125,000 and executed a promissory note in the principal amount of $125,000, which accrues interest at 5% per annum and is due May 31, 2020.
The shares to be issued under the Debt Settlement Agreement will be subject to a four month hold period until January 20, 2020.
About Osoyoos Cannabis Inc.
Osoyoos Cannabis Inc. is an early-stage cannabinoid extraction company based in Oliver, BC. Osoyoos Cannabis has applied for a standard processing license under the Cannabis Act (Canada) for its 10,410 ft2 facility and that application is currently in the review stage. The Company will offer contract tolling extraction, sale of bulk oil and development of both proprietary Osoyoos Cannabis branded and white labelled products once licensed to do so.
For further information, please contact:
Osoyoos Cannabis Inc.
Gerry Goldberg, Interim CEO
Phone: (416) 460-3000
Read more at https://stockhouse.com/news/press-releases/2019/09/23/osoyoos-announces-debt-settlement#51Pck6HJD8vtDmqx.99