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KELOWNA, BRITISH COLUMBIA--(Marketwired - Mar 24, 2016) - BIG WIND CAPITAL INC. (the "Company") (CSE:BWC) has agreed to a comprehensive debt settlement package to eliminate its outstanding loan and accrued liabilities by issuing shares to retire the $100,000 loan from a corporation controlled by the Company's CEO and accrued liabilities to the CEO and CFO and creditors in the amount of $740,000.
The Company will issue 16,800,000 common shares at a price per share of $0.05 in accordance with the policies of the Canadian Securities Exchange to settle the loan and other liabilities.
The Company's CEO, Dev Randhawa, will become a control person as his corporation RD Capital Inc. will hold in excess of 20% of the outstanding share capital of the Company as a result of the issuance of 11,800,000 common shares to settle the loan and other accrued liabilities.
The debt shares to be issued will be subject a four month hold period and the shares issued to RD Capital Inc. will be subject to control block restrictions.
The debt settlement will enable the Company to better pursue invest opportunities in both the resource and non-resource sectors.
BIG WIND CAPITAL INC. Common Shares are listed on the Canadian Securities Exchange under the symbol "BWC".
ON BEHALF OF THE BOARD
Dev Randhawa, Chairman & CEO
The CSE has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
Big Wind Capital Inc.