found this Corporate Update
FOR IMMEDIATE RELEASE Jan 21, 2022
CALGARY, ALBERTA – Maple Leaf Green World Inc. (“Maple Leaf” or the “Company”), (CSE:
MGW) and (OTCQB: MGWFF), is pleased to announce that
Appointment and Resignation of Directors
The Company has appointed Andrew Wang and Thomas West to Maple Leaf’s Board of Directors (the
“Board”), effective today. With Mr. Wang and Mr. West joining the Board, the Company would like to
announce the resignation of Jeffrey Mashregi and Matthew Hay from the Board. Mr. Hay will be offered a
consulting role to serve as an advisor and subject matter expert to assist the Company in developing its
hemp business.
Mr. Wang joins the Board following an extensive career as a Mechanical Engineer with leadership positions
in China and Canada. His experience includes over 20 years of certified CADD designs, robotics,
manufacturing, facility designs, and heavy-duty vehicle designs. Mr. Wang leadership and comprehensive
skillset will aid the Company in strategic planning and new business developments.
Mr. West joins the Board with over 25 years of executive leadership experience. Mr. West is currently the
CEO of Imola Operations (Autumn) Ltd.; a private oil and gas company with operations in Central Alberta.
His distinguished career includes a technical background with extensive experience in business
development, marketing, and corporate financial modeling. Mr. West is resourceful, engaging and a
collaborative leader who has deep experience in executing growth strategies.
“We are excited to welcome Mr. Wang and Mr. West to our Board of Directors. Their extensive expertise
in their fields and leadership roles will be invaluable to us as we navigate our new direction and execute
our strategic growth plans,” said Raymond Lai – President and CEO of Maple Leaf.
The Company will continue to evolve as it develops the acquisition and merger agenda with its joint venture
partner, Beijing Forest Eco Program and Technology Co. Ltd. Mr. Wang and Mr. West will be instrumental
to the execution of the agenda and provide the experience needed to accelerate the Company’s long-term
growth strategy.
Settlement of Debt
The board of directors have approved the settlement of $509,850 of debt held by certain service providers
and a director of the Company, through the issuance of common shares of the Company. Pursuant to the
Debt Settlement Agreement, the Company will issue 5,665,000 common shares (the “Shares”) at a deemed
price of $0.09 per Share.
(i) 4,831,667 Shares will be issued pursuant to the terms of a debt settlement agreement dated January 21,
2022 between the Company and a certain service providers (the “Service Provider Debt Settlement
Agreement”), in consideration for trade payables owing by the Company to the Service Providers, (ii)
833,333 Shares will be issued pursuant to a debt settlement agreement dated January 21, 2022 entered into
between the Company and Terence Lam, Director and Chief Financial Officer of the Company (the “Lam
Debt Settlement Agreement”), in consideration for employment compensation payables and funds loaned
to the Company for general and administrative expenses owed to Mr. Lam.(Collectively called the "Debt Settlement")
The Lam Debt Settlement Agreement is considered to be a “related party transaction” as defined under
Multilateral Instrument 61- 101 (“MI 61-101”). The transaction was exempt from the formal valuation and
minority shareholder approval requirements of MI 61-101, as neither the fair market value of any securities
issued to, nor the consideration paid to, such persons exceeded 25% of the Company’s market
capitalization.
Full details of the common share issuance will be on the System for Electronic Disclosure by Insiders
("SEDI"). All of the independent directors of the Company, acting in good faith, considered the transactions
and have determined that the fair market value of the common shares being issued, and the consideration
being paid is reasonable.
All securities issued pursuant to the Debt Settlement will be subject to a four month hold period from the
date of issue. This Debt Settlement is part of the Company's efforts to reduce cash burn and ensure the
Company is positioned to allocate resources to accelerating operational progress.
The Debt Settlement is subject to Exchange approval.