An Update One might assume we are talking about a multi billion dollar company here. This arrangement started in February 2020 and it is now October 2021 and I'm not sure they are any further ahead. Wow!
And they're issuing another 45M shares. Is consolidation the next action item where all of our share count disappears to almost nothing. It must be a Venture company!
Toronto, Ontario--(Newsfile Corp. - October 15, 2021) - Sensor Technologies Corp. (CSE: SENS) ("Sensor") is pleased to that it has negotiated various debt conversion agreements (collectively, the "Debt Agreements") with eight (8) creditors (collectively, the "Creditors"), all of which are arm's length parties to the Corporation.
Pursuant to the terms of the Debt Agreements, the Corporation has agreed to issue an aggregate of 45,067,635 common shares ("Debt Shares") to the Creditors in exchange for the cancellation of $901,352.69 in debt owing to the parties.
The Debt Shares issued pursuant to the debt conversion are subject to a statutory four (4) month hold period.
The Corporation would also like to provide an update on its proposed acquisition of all of the issued and outstanding securities (the "Proposed Acquisition") in the capital of EmersonGrow Technology Inc. ("EmersonGrow"). Further to Sensor's press releases of January 20, 2020, February 1, 2021, March 18, 2021, April 6, 2021, June 7, 2021 and July 15, 2021, one of the conditions in order for the parties to enter into a definitive share exchange agreement is for EmersonGrow to provide the Corporation with evidence that the $1 million private placement has closed.
Sensor and the shareholders of EmersonGrow have not yet executed a definitive agreement with respect to the Proposed Acquisition and there can be no assurance that that the parties will execute a definitive agreement or that the Proposed Acquisition will be completed on the terms agreed to or completed at all.
The entering into of the definitive agreement will be considered a fundamental change under Policy 8 of the Canadian Securities Exchange ("CSE") and, as such, will subject to all of the requirements of Policy 8 including, but not limited to, CSE and shareholder approval.