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VANCOUVER, British Columbia, June 11, 2019 (GLOBE NEWSWIRE) -- Sproutly Canada, Inc. (CSE:SPR) (SRUTF) (38G.F) (“Sproutly” or the “Company”) is pleased to announce it has completed a voluntary debt for shares settlement agreement with an arm’s length creditor (the “Creditor”) whereby the company has settled outstanding current debt in the amount of $3,537,455 (the “Debt”). In settlement of the Debt, the Company has issued 4,716,606 common shares in the capital of the Company (the “Settlement Shares”) at a price of $0.75 per Settlement Share.
The Debt was completely extinguished upon the issuance of the Settlement Shares. The Creditor voluntarily elected to satisfy the Debt with common shares in lieu of cash payment.
The shares for debt settlement was carried out pursuant to prospectus exemptions of applicable securities laws. The Settlement Shares are subject to a contractual restriction on transfer, with 50% of the shares being released four months from date of issuance, 25% released six months from date of issuance, and 25% released eight months from date of issuance.
About Sproutly Canada, Inc.
Sproutly’s core mission is to become the leading supplier to the cannabis beverage and edibles market. The Company’s Toronto based facility, licensed under the Cannabis Act, was built to cultivate pharmaceutical grade cannabis to supply a technological breakthrough in producing and formulating the first natural, truly water-soluble cannabis solution. Our water-soluble ingredients and our bio-natural oils will deliver revolutionary brands to international markets that are clamouring for well-defined commercial products. Sproutly’s business focus is to execute on partnerships with local and globally established consumer brands to leverage their existing customer bases, further expand brand loyalty, assist with marketing, and support distribution networks to deliver this scientific breakthrough with speed and efficiency worldwide.
For more information on Sproutly, please visit: www.sproutly.ca.
Contact: Keith Dolo, Chief Executive Officer of Sproutly Canada