Confirmed Cancellation = money we do not owe / Nice16. Subsequent events On July 31, 2019, 326,256,411 warrants at an exercise price of $0.05 were cancelled pursuant to the Share and Loan Purchase agreement between Gulf and 2706791 Ontario Inc. In addition, 2706791 Ontario Inc. acquired from Gulf certain outstanding secured convertible loans in the aggregate principal amount of $15,982,472 (Notes 10 and 11). On August 1, 2019, the Company entered into a loan agreement with 2706791 Ontario Inc. in the principal amount of up to $50,000. The loan is interest bearing at a rate of 6% per annum calculated monthly and matures in two years time. Subsequent to June 30, 2019, 20,000,000 warrants at an exercise price of $0.055 expired unexercised. Subsequent to June 30, 2019, 6,000,000 options at an exercise price of $0.10 were cancelled
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