Victoria, British Columbia (FSCwire) - Erin Ventures Inc. ("Erin" or the “Corporation”) [TSXV: EV] is pleased to announce that the Corporation has completed the shares for debt settlement of certain debtholders previously announced on January 19, 2018. The Corporation issued an aggregate of 5,316,769 common shares of Erin to settle an aggregate of $531,676.96 of debt (the “Shares for Debt Settlement”).
The common shares issued pursuant to the Shares for Debt Settlement are subject to a statutory four month and one day hold period.
Insiders of the Corporation were issued an aggregate of 4,864,449 common shares pursuant to the Shares for Debt Settlement, which constitutes a “related party transaction” as defined under Multilateral Instrument 61-101 (“MI 61-101”). The Shares for Debt Settlement is exempt from the formal valuation approval requirements of MI 61-101 and exempt from the minority shareholder approval requirements of MI 61-101 as at the time of the Shares for Debt Settlement was agreed to, neither the fair market value of the Shares for Debt Settlement, nor the fair market value of the consideration for the Shares for Debt Settlement, insofar as it involves interested parties, exceeded 25% of the Corporation’s market capitalization.