Canada Carbon Inc V.CCB

Amendment to debt settlement agreement

[Hallfield]

MISSISSAUGA, Ontario, March 25, 2021 (GLOBE NEWSWIRE) -- Further to its press release dated March 11, 2021, Canada Carbon Inc. (the " Company ") (TSX-V: CCB ) announces that it has amended the terms of the debt settlement agreement with the estate of its former Chief Executive Officer, R. Bruce Duncan. As per the terms of the amended debt settlement agreement, the Company has agreed to settle an aggregate of $409,556 of accrued management fees in consideration for the issuance of an aggregate of 2,155,558 common shares in the capital of the Company (the “ Common Shares ”) at a deemed price of $0.19 per share (the “ Debt Settlement ”). 

The Debt Settlement remains subject to the acceptance of the TSX Venture Exchange. The Common Shares issued pursuant to the Debt Settlement will be subject to a statutory four month and one day hold period. 

For further information: 

Olga Nikitovic 
Interim CEO 
Canada Carbon Inc. 
[e-mail] 

Valerie Pomerleau 
Director Public Affairs and Communications 
Canada Carbon Inc. 
[e-mail] 
[phone]

[Basicmath]

The debt increased from 229k in the last announcement to 409k in this one?! What exactly was being done over the last few years to earn around 200k/year. Add in the 120k per year to the wifeCFO/newCEO, there is a lot more debt to pay back. Ridiculous IMO the management sums charged for a company doing basically nothing for the last few years.