More dilution for debt Another Friday evening announcement of debt. and some more cheapies for Kozar. They must anticipate a good news story before the AGM or they will be publicly shamed.
Company News
iSIGN Media Announces a Shares for Debt Transaction
TORONTO, Dec. 07, 2018 (GLOBE NEWSWIRE) -- iSIGN Media Solutions Inc. (“iSIGN” or “Company”) (TSX-V: ISD) (OTC: ISDSF), a leading provider of interactive mobile proximity marketing and public security alert solutions announced it has entered into a debt settlement arrangement with various companies, in which the Company has agreed to issue an aggregate of 1,016,423 common shares at a deemed price of $0.08 per share in settlement of debts owned of $81,314.
Included in this transaction are various companies that are either wholly or partially owned and controlled by Josip Kozar, iSIGN’s Chief Executive Officer. Mr. Kozar is deemed to be a “related party”, as such term is defined in Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions (“MI 61-101”), being the Company’s Chief Executive Officer and holding approximately 12% of the Company’s issued and outstanding common shares of the Company.
For this transaction, the Company has relied on the exemption from the formal valuation requirements of MI 61-101 contained in section 5.5(a) of MI 61-101 and has relied on the exemption from the minority shareholder approval requirements of MI 61-101 contained in section 5.7(a) of MI 61-101.
This arrangement is subject to the approval of the TSX Venture Exchange (“Exchange”). The Company will issue these shares, which are subject to a four month hold period, once approval has been received from the Exchange.