DEBT
Media Central to issue 22.5 million shares for debt
2021-01-15 15:03 ET - News Release
An anonymous director reports
MEDIA CENTRAL ANNOUNCES DEBT CONVERSION
Media Central Corporation Inc. has negotiated various debt conversion agreements with five creditors, of which four are arm's-length parties to the corporation and one is a non-arm's-length party as he is a director and/or officer of the corporation.
Pursuant to the terms of the debt agreements, the corporation has agreed to issue an aggregate of 22.5 million common shares to the creditors in exchange for the cancellation of $225,000 in debt owing to the parties.
The debt shares issued pursuant to the debt conversion are subject to a statutory four-month hold period.
About Media Central Corporation Inc.
Media Central is an alternative media company situated to acquire and develop high-quality publishing assets, starting with the recent acquisition of Vancouver Free Press Corp., the purchase of NOW Communications Inc., and the launch of digital cannabis platform CannCentral and e-sports outlet ECentralSports.