Shares for Debt....LoL Debt......Sevices rendered maybe ....do u think the Director was that stupid to take 12.5 cent paper; )
If I could let my imagination run wild .....would it be possible for a Director to Short a chit ton of AMMP paper and replace it with "Shares for Debt" ?????
Hmmmm.....I wonder ; )
Read this....todays NR:
Ammpower to settle $614,696 debt with 4.99 M shares
2024-08-26 11:33 ET - News Release
Dr. Gary Benninger reports
AMMPOWER ANNOUNCES DEBT SETTLEMENT
Ammpower Corp. has entered into a debt settlement agreement in the aggregate amount of $614,696.49 with a director of the company. In settlement of the debt, the company will issue an aggregate of 4,997,533 common shares of the company to the creditor at a price of 12.3 cents per common share.
All common shares issued in connection with the debt settlement are subject to a statutory four-month hold period in accordance with the policies of the Canadian Securities Exchange and applicable securities laws.
The securities issued constitute a related party transaction within the meaning of Multilateral Instrument 61-101, Protection of Minority Security Holdings in Special Transactions. The company relied on exemptions from the formal valuation and minority approval requirements of MI 61-101 contained in sections 5.5(a) and 5.7(1)(a) of MI 61-101 as neither the fair market value of common shares nor the consideration paid for the common shares, exceeded 25 per cent of the company's market capitalization.
About Ammpower Corp.
Ammpower is a clean energy company focused on the production of green ammonia. The company is based in Toronto, Ont., with a research and manufacturing facility in southeast Michigan. The company is active in all facets of green ammonia production, including the production of green fertilizers, carbon-free shipping fuel, and the cracking or moving of green hydrogen as ammonia. The company is working on the development of proprietary technologies to produce green ammonia and green hydrogen at scale, including the investigation of unique catalytic reactions to bring down costs and to take advantage of carbon credits in the renewable energy space. Ammpower currently holds several LOIs (letters of intent) with ports in Brazil and the United States and is currently completing its Iamm prototype to create green ammonia for the agricultural industry. The company also holds a lithium exploration property in the James Bay/Eeyou Istche region of Quebec and an option on the Titan property, located in Klotz Lake area in Northwestern Ontario.