Ecuador Gold 2,156,858 shares for debt
2014-10-20 17:41 ET - Shares for Debt
The TSX Venture Exchange has accepted for filing the company's proposal to issue 2,156,858 shares to settle outstanding debt for $148,798.53 (U.S.) and $29,308.
Number of creditors: Two creditors
The company shall issue a news release when the shares are issued and the debt extinguished.
Sounds promising that someone would accept $180k debt to be paid out in shares. My calculations show that this is about $0.08257 USD per share. Going by todays exchange rate of 1.12, that works out to $0.09248 CAD per share. Almost double the current share price. Not too shabby. That's like getting a 50% discount on the work they did. The creditors must be pretty confident they will see a good return on their money.