KGIC receives BDO support for proposed restructuring KGIC receives BDO support for proposed restructuring
KGIC Inc (C:LRN)
Shares Issued 179,169,923
Last Close 11/4/2016 $0.015
Monday November 7 2016 - News Release
Mr. Alex MacGregor reports
KGIC INC. ANNOUNCES RECEIPT OF FAIRNESS OPINION FOR PROPOSED RESTRUCTURING
KGIC Inc. has received an independent fairness opinion from BDO Canada LLP related to the capital restructuring and debt settlement offer made by the company to the holders of outstanding unsecured convertible debentures, preferred shares and subordinated loans, as detailed in the company's press release of Sept. 26, 2016. The fairness opinion confirms and concludes that the proposed debt settlement plan is fair, from a financial point of view, to each of the holders of unsecured debt securities. The company requested the fairness opinion to ensure a thorough process in its evaluation of financing options and to provide a balanced view to such holders of unsecured debt securities, some of whom have yet to agree to the proposed restructuring.
If the proposed restructuring is not completed, the company's ability to continue as a going concern may be significantly affected.
We seek Safe Harbor.