share for debtHi Level.
It is a good thing to have someone accept shares for debt. I would also agree that they would not do it if they were not expecting to get rewarded financially for it. However, I would not look at it as someone knows something that we don't or a sign that we are about to move up. I am basing this comment on previous news releases from Erin that I have posted below. Only good drill results will drive this stock up and sustain a high price. It is good to see some interest restored and the price recovery a bit, but is it ready to move up significantly? we will have to wit and see.
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DEBT SETTLEMENT APPROVAL
August 11, 2003 Erin Ventures Inc. is pleased to announce that it has received approval from the TSX Venture Exchange to complete a debt settlement transaction with a creditor, as described in Erin’s news release dated July 21, 2003. This settlement reduces Erin’s debt load by approximately $1,050,000 through the combination of the issuance of stock and cash payments totaling $627,000:
$552,000 worth of stock (2,300,000 common shares of Erin, at a deemed price of $0.24 per share); and $75,000 to be paid over 60 days.
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Erin Ventures settles $159,001 of debt
Erin Ventures Inc
EV
Shares issued 24,843,095
Oct 24 close $0.33
Friday 25 Oct 2002
News Release
Mr. Blake Fallis reports
SHARE FOR DEBT SETTLEMENT
Erin Ventures has agreed to settle $159,001 of debt by the issuance of a total of 365,000 common shares at per-share prices of 34.8 cents and 49 cents per share. This is in addition to the proposed debt settlement announced in Erin's press release dated Oct. 11, 2002. The proposed settlement of debt by the issuance of shares is subject to the approval of the TSX Venture Exchange.
(c) Copyright 2002 Canjex Publishing Ltd. https://www.stockwatch.com
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Erin Ventures arranges shares-for-debt deal
Erin Ventures Inc
EV
Shares issued 24,843,095
Oct 11 2002 close $ 0.29
Friday October 11 2002
News Release
Mr. Blake Fallis reports
Erin Ventures has entered into agreements to settle $947,650 of debt by the issuance of a total of four million units at a deemed price of 23.7 cents per unit. Each unit is to consist of one common share of the corporation and one-half of a share purchase warrant. Each full share purchase warrant will entitle the holder to purchase one additional common share at a price of 50 cents per share, exercisable within one year.
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Erin Ventures to issue 2.5 million shares for debt
Erin Ventures Inc EV
Shares issued 23,105,095 Oct 23 2001 close $.200
Oct 23 2001 3:50:00
Mr. Tim Daniels reports certain creditors of Erin Ventures have agreed to settle approximately $1.1-million of outstanding debt for $400,000 to be satisfied by the
issuance of 2.5 million common shares of the company at a deemed price of 16 cents per share.