VANCOUVER, British Columbia, Dec. 18, 2019 (GLOBE NEWSWIRE) -- Mission Ready Solutions Inc. (“Mission Ready” or the “Company”) (TSXV: MRS) is pleased to announce that, subject to the acceptance of the TSX Venture Exchange, certain creditors have agreed to accept an aggregate of 14,604,387 common shares (the “Shares”) of the Company, at a deemed value of CAD $0.15 per Share, for outstanding promissory notes, consulting fees, accrued interest and other amounts owed totaling CAD $2,190,658 (“Debt Settlements”). The Shares issued pursuant to the Debt Settlements are subject to a statutory hold period expiring four months and one day from the date of issuance of such securities.
Over 98% of the debt being settled – an aggregate of C$2,157,470 – relates to outstanding amounts due to the former owners of Unifire, Inc. (“Unifire”), Darrell Siria, and Unifire’s Chief operating Officer, Daniel Raczykowski. Calculated from the most recent close price of the Company’s shares on the TSX Venture Exchange (“Market Price”), the Shares to be issued pursuant to the Debt Settlements will be issued at an 87.5% premium to the Market Price.