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TORONTO, ONTARIO--(Marketwired - Mar 28, 2016) - Eurotin Inc. ("Eurotin" or the "Company") (TSX VENTURE:TIN) is pleased to announce that, further to a press release dated January 20, 2016, the Company has issued 10,386,665 common shares (the "Common Shares"), at a price of $0.15 per Common Share, to certain debtholders of the Company, including Mark Wellings, President, Chief Executive and a director of Eurotin (the "Shares for Debt Transaction"). The balance of the Common Shares was issued to arm's length service providers for amounts owing to them for services previously provided to the Company. All of the Common Shares issued are subject to a four month plus one day hold period from the date of issuance.
As part of the Shares for Debt Transaction, Mr. Wellings was issued 8,000,000 Common Shares, making him a "Control Person" (as that term is defined in the policies of the TSX Venture Exchange) of the Company. Mr. Wellings now holds, directly and indirectly, 37.68% of the issued and outstanding Common Shares (on a non-diluted basis). Disinterested shareholders of the Company approved the establishment of Mr. Wellings as a Control Person of the Company at the annual general and special meeting of shareholders held on February 24, 2016.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.