TORONTO, Dec. 12, 2019 (GLOBE NEWSWIRE) -- Datametrex AI Limited (the “Company” or “Datametrex”) (TSXV: DM, FSE: D4G) announces that it has made application to the TSX Venture Exchange (“TSXV”) to pay $454,000 of debt with common shares of the Company at a deemed issue price of $0.05 per common share. All creditors to which the foregoing relates have entered into debt settlement agreements with the Company and have agreed to accept common shares in lieu of cash.
The Company has also made application to the TSX-V to pay for certain advertising services with common shares being provided to the Company by AGORACOM. The advertising services agreement with AGORACOM is for a period of one year and the Company is required to pay AGORACOM five $12,000 payments throughout the year for a total of $60,000, payable in common shares of the Company at a deemed issue price equal to the greater of (a) $0.05; and (b) the market price at the time of issue.
Issuance of any shares for debt or services is conditional upon the Company receiving final approval from the TSX-V. Upon receipt of TSX-V approval, the first payment of $12,000 will be made to AGORACOM in common shares at a deemed issue price of $0.05. All common shares issued either for debt or for services will be subject to a hold period of four months and a day following the date of issue.
Datametrex AI Limited is a technology focused company with exposure to Artificial Intelligence and Machine Learning through its wholly owned subsidiary, Nexalogy (www.nexalogy.com).
For further information, please contact:
Jeff Stevens - President
Phone: (416) 482-3282
This news release contains “forward-looking information” within the meaning of applicable securities laws. All statements contained herein that are not clearly historical in nature may constitute forward-looking information. In some cases, forward-looking information can be identified by words or phrases such as “may”, “will”, “expect”, “likely”, “should”, “would”, “plan”, “anticipate”, “intend”, “potential”, “proposed”, “estimate”, “believe” or the negative of these terms, or other similar words, expressions and grammatical variations thereof, or statements that certain events or conditions “may” or “will” happen, or by discussions of strategy.
Readers are cautioned to consider these and other factors, uncertainties and potential events carefully and not to put undue reliance on forward-looking information. The forward-looking information contained herein is made as of the date of this press release and is based on the beliefs, estimates, expectations and opinions of management on the date such forward-looking information is made. The Company undertakes no obligation to update or revise any forward-looking information, whether as a result of new information, estimates or opinions, future events or results or otherwise or to explain any material difference between subsequent actual events and such forward-looking information, except as required by applicable law.