Post by
Red~One on Apr 06, 2022 10:32am
News
Claritas Announces Issuance of Shares for Settlement of Debt SAN FRANCISCO, CA -- (April 6, 2022) – Claritas Pharmaceuticals, Inc. (TSX VENTURE EXCHANGE (“TSXV”) symbol: CLAS and OTC symbol: CLAZF) (the "Company" or "Claritas") today announced it has submitted to the TSXV for approval the terms of agreement entered into today between the Company and a creditor of the Company under which it will issue shares to such creditor in settlement of an amount owed to such creditor, subject to TSXV approval. Issuance of Shares to Obsidian The Company has today entered into an agreement (the “Obsidian Shares for Debt Agreement”) with Obsidian Global GP, LLC (“Obsidian”) under which the Company will pay to Obsidian USD $60,000 of Common Shares of the Company in partial payment of amounts currently owed to Obsidian under the Debenture entered into between the Company and Obsidian on October 14, 2021 (the “Debenture”). The Company is currently in default under the Debenture due to its failure to make required repayments of principal when due. Under the Obsidian Shares for Debt Agreement, Obsidian has agreed to forbear exercise of its default remedies under the Debenture in consideration for the Company agreeing to issue such Common Shares to Obsidian at a discount of 24% from the $0.175 closing market price of the Company’s common shares on April 5, 2022. With such discount, the price at which the common shares will be issued to Obsidian will be CAD $0.133, resulting in the proposed number of shares to be issued to Obsidian (subject to TSXV approval) at 562,223 common shares. The terms of the Obsidian Shares for Debt Agreement/application have been submitted to the TSXV. Should the TSXV approve the terms of the Shares for Debt Agreement, this will enable the Company to pay Obsidian in shares of the Company in accordance with TSXV policies. The Company will provide additional updates after TSXV approval of the issuance of any securities. Regarding the payment to be made to Obsidian through the issuance of Common Shares, Mr. Farrell stated, “Obsidian’s agreement to accept Common Shares in lieu of cash will help the Company preserve cash for research and development activities. We are grateful to Obsidian and appreciate their confidence in the potential of the Company’s technology.”
Comment by
Raiders11 on Apr 06, 2022 10:53pm
Yep we take it up the sphincter from these f u c k e r s all the time ,it is unreal to watch and know my money is history!