TORONTO, Dec. 04, 2024 (GLOBE NEWSWIRE) -- KMT-Hansa Corp. (the “Corporation”) would like to announce that it has agreed to settle (collectively, the “Debt Settlements”) an aggregate of $940,024.92 debt to four (4) arm’s length creditors. The Debt Settlements will be comprised of:
| (i) | an aggregate of $400,000 debt through the issuance of a convertible debenture (the “Debentures”); and |
| (ii) | an aggregate of $540,024.92 debt owed to four (4) arm’s length creditors through the issuance of 13,500,623 common shares (the “Debt Shares”) at a deemed price of $0.04 per Debt Share. |
The Debentures shall bear interest at 7% per annum from the date of issuance and shall mature on the date that is one (1) year from the date of issuance (the “Maturity Date”). The Debentures will be convertible, in whole or in part, into one (1) unit (each, a “Debenture Unit”) in the capital of the Corporation at a conversion price (the “Conversion Price”) equal to $0.04 per Debenture Unit. All accrued and unpaid interest on the Debentures, up to the earlier of the date of conversion and the Maturity Date, shall be converted into Debenture Units at the Conversion Price.
Each Debenture Unit will consist of (i) one (1) common share (each, a “Debenture Common Share”) and; (ii) one (1) common share purchase warrant (each, a “Debenture Warrant”). Each Debenture Warrant entitles the holder thereof to purchase one Common Share at an exercise price of $0.05 per share for a period of one (1) year from the date of issuance.
The aggregate number of common shares issuable pursuant to the Debt Settlements, assuming that all of the Debentures are converted into Debenture Common Shares on the Maturity Date and all of the Debenture Warrants are exercised, will be approximately 34,200,623 common shares.
Closing of the Debt Settlements are subject to customary closing conditions, approvals of applicable securities regulatory authorities, including the TSX Venture Exchange. All securities issued in connection with the Debt Settlements will be subject to a hold period of four months plus a day from the date of issuance and the resale rules of applicable securities legislation.
For further information please contact:
Donald Wu
President
Email: kmthansa@gmail.com
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward Looking Statements
This news release contains “forward-looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities legislation. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as “plans”, “anticipated”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “occur” or “be achieved”. KMT-Hansa is subject to significant risks and uncertainties which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements contained in this release. KMT-Hansa cannot assure investors that actual results will be consistent with these forward-looking statements and KMT-Hansa assumes no obligation to update or revise the forward-looking statements contained in this release to reflect actual events or new circumstances.
