CALGARY, AB / ACCESSWIRE / March 14, 2021 / Ivrnet Inc. (TSXV:IVI) ("Ivrnet" or the "Company") announces that it has entered into an agreement with a former arms-length service provider, pursuant to which Ivrnet will issue an aggregate of 2,290,909 common shares in satisfaction of Canadian dollar indebtedness of $126,000 currently owing to such former service provider.
Ivrnet has determined to satisfy the indebtedness with common shares in order to preserve its cash for general working capital purposes. The common shares will be issued upon acceptance by the TSX Venture Exchange. The common shares issued in satisfaction of the indebtedness will be subject to a four month hold period from the date of issuance.
Following completion of the issuance of the 2,290,909 common shares, Ivrnet will have a total of 94,811,181 common shares issued and outstanding.
This proposed issuance of common shares will not create a new Control Person, as defined by TSX Venture Exchange Policy 1.1, of Ivrnet.