Toronto, Ontario--(Newsfile Corp. - January 13, 2023) - Kure Technologies, Inc. (TSXV: KUR.H) (the "Company" or "Kure") announces that after the close of markets on January 6, 2023, the Company received a cease trade order issued by the Ontario Securities Commission (the "OSC") as a result of Kure's failure to file the Company's audited annual financial statements, Management's Discussion and Analysis and certification of the foregoing filings (together referred to as the "Annual Statements"), as required by National Instrument 52-109 Certification of Disclosure in Issuers' Annual Filing, for the fiscal year ended August 31, 2022.
On January 12, 2023 the Company filed its Annual Statements, and significant current events reported include:
Debenture Conversion
On December 19, 2022, convertible debentures valued at $150,000 and accrued interest totaling approximately $14,000 were converted to shares at a value of $0.15 per share. A total of 1,092,659 shares and 546,329 warrants were issued, and the Company's outstanding shares as at December 19, 2022 was increased to 16,190,458. No further convertible debentures remain outstanding.
Short-term loans
On January 6, 2023, unsecured demand loan agreements totaling $75,000 were extended to the Company at an effective annual interest rate of 12%, of which $50 was received from related parties.
The Company is working with the OSC to resume trading.
About Kure Technologies, Inc.
Kure's shares are listed on the NEX under the symbol "KUR.H". More information on Kure can be found at www.sedar.com.
The corporate information contained in this release includes forward-looking statements regarding future events and costs that involve risks and uncertainties that could cause actual results to differ materially. Assumptions used in the preparation of such information, although considered reasonable by Kure at the time of preparation, may prove to be incorrect. The actual results achieved may vary from the information provided herein and the variations may be material. Consequently, there is no representation by Kure that actual results achieved will be the same in whole or in part as those forecast.
Neither the NEX nor its Regulation Services Provider (as that term is defined in the policies of the NEX) accepts responsibility for the adequacy or accuracy of this release.
For additional information, please contact:
Jacqueline Logan
(905) 660-8100
NOT FOR DISTRIBUTION TO THE U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
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