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GBLT Insiders Agree to Debt Conversion

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GBLT Corp.
·4 min read
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DUEREN, Germany, Oct. 21, 2020 (GLOBE NEWSWIRE) -- GBLT Corp. (“GBLT” or the “Company”) ‎‎(TSXV:GBLT; ‎‎OTCQB:GBLTF; FSE: 4G9), announces that its four directors have agreed to accept shares in lieu of cash in respect of ‎director sitting fees for the three months ended September 30, 2020. Accordingly, each director has agreed to accept 55,555 common shares in satisfaction of CAD$3,750 of indebtedness owed to such director. The Company determined (with the consent of the directors) to satisfy the foregoing indebtedness with common shares in order to preserve ‎its cash. The transactions are subject to execution of debt conversion agreements and approval of the TSX Venture Exchange. In addition, such ‎shares will be subject to a Canadian four-month hold period.‎

The shares for debt transactions by the four directors (Dr. Thilo Senst, Jean-Manuel Bullukian, Alfred Schopf and John Denham‎) are each a “related party transaction” as ‎defined under Multilateral Instrument 61-101 ‎‎(“MI 61-101”). The transactions are exempt from the formal ‎valuation requirements of MI 61-101 since none ‎of the securities of the Company are listed on a stock ‎exchange specified in section 5.5(b) thereof. The proposed transactions are exempt ‎from the minority ‎shareholder approval requirements of MI 61-101 since, at the time the transactions were agreed to, ‎neither ‎the fair market value of the transaction nor the fair market value of the consideration for the transaction, ‎‎insofar as it involves interested parties, exceeded 25% of the Company’s market capitalization.‎

For further information please contact:‎

GBLT Corp.‎
Dr. Thilo Senst, CEO
Tel.: +49(0)2421-20856-0‎

Neither the 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.‎

Forward-Looking Information

This news release contains “forward-looking information” within the ‎meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, ‎included herein are forward-looking information. In particular, this news release contains forward-looking ‎information regarding: closing of the transactions. There can ‎be no assurance that such forward-looking information will prove to be accurate, and actual results and future ‎events could differ materially from those anticipated in such forward-looking information. This forward-looking ‎information reflects GBLT’s current beliefs and is based on information currently available to GBLT and ‎on assumptions GBLT believes are reasonable. These assumptions include, but are not limited to: execution of debt conversion agreements; the ‎conditions to closing of the transactions being satisfied, including obtaining all necessary approvals for the ‎‎transactions. Forward-looking information is subject to known ‎and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance ‎or achievements of GBLT to be materially different from those expressed or implied by such forward-looking ‎information. Such risks and other factors may include, but are not limited to: general business, economic, political ‎and social uncertainties; general capital market conditions; delay or failure to receive board approvals; and risks related to COVID-19 including various recommendations, orders and measures of governmental authorities to try to limit the pandemic, including travel restrictions, border closures, non-essential business closures, quarantines, self-isolations, shelters-in-place and social distancing, disruptions to markets, economic activity, financing, supply chains and sales channels, and a deterioration of general economic conditions including a possible national or global recession. A ‎description of additional risk factors that may cause actual results to differ materially from forward-looking ‎information can be found in GBLT’s disclosure documents on the SEDAR website at ‎Although GBLT has attempted to identify important factors that could cause actual results to differ materially ‎from those contained in forward-looking information, there may be other factors that cause results not to be as ‎anticipated, estimated or intended. Readers are cautioned that the foregoing list of factors is not exhaustive. ‎Readers are further cautioned not to place undue reliance on forward-looking information as there can be no ‎assurance that the plans, intentions or expectations upon which they are placed will occur. Forward-looking ‎information contained in this news release is expressly qualified by this cautionary statement. The forward-looking ‎information contained in this news release represents the expectations of GBLT as of the date of this news ‎release and, accordingly, is subject to change after such date. However, GBLT expressly disclaims any ‎intention or obligation to update or revise any forward-looking information, whether as a result of new information, ‎future events or otherwise, except as expressly required by applicable securities law.‎