79North Announces Exciting Shares-for-Debt Transaction in 2024: A Bold Move for Future Growth!
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TORONTO, Oct. 03, 2024 (GLOBE NEWSWIRE) — 79North Inc. (CSE: JQ) (“79North” or the “Company”) announces that it has entered into a series of debt settlement agreements (the “Settlement Agreements”) for the issuance of 1,572,822 common shares in the capital of the Company (the “Shares”) at a deemed price of $0.10 per Share to certain creditors of the Company (the “Creditors”) for settlement of debts owing to the Creditors in respect of past services rendered by the Creditors at an aggregate amount of $157,282.41 (the “Shares for Debt Settlement”). All securities to be issued in the Shares for Debt Settlement will be subject to a hold period of four months and one day from the date of issuance, under applicable securities laws in Canada.
79North’s bold move of offering shares in exchange for debt is a strategic decision that aims to strengthen the company’s financial position and pave the way for future growth. By settling debts with shares rather than cash, 79North is not only able to reduce its financial liabilities but also potentially attract new investors who see the company’s potential for growth.
Impact on Me:
As a shareholder or potential investor in 79North, the Shares-for-Debt transaction could have a direct impact on your investment. The issuance of new shares may dilute the value of existing shares, affecting the overall performance of your investment. However, if the move proves successful in improving the company’s financial health and driving growth, it could ultimately benefit shareholders in the long run.
Impact on the World:
From a broader perspective, 79North’s decision to opt for a Shares-for-Debt transaction can have implications for the financial market and the industry as a whole. Such bold moves by companies signal confidence in their future prospects and can attract attention from investors and other market players. If successful, this strategic decision could set a positive example for other companies looking to strengthen their financial position and drive growth through innovative means.
Conclusion:
In conclusion, 79North’s announcement of a Shares-for-Debt transaction in 2024 is a bold and strategic move that could have both direct and indirect effects on stakeholders and the industry. By opting for this innovative approach to debt settlement, 79North is positioning itself for future growth and potentially setting a positive example for the market. While the impact on individual investors may vary, the overall implications of this decision could be significant for the company and the industry as a whole.
