Vancouver, British Columbia--(Newsfile Corp. - April 14, 2020) - VERT Infrastructure Corp. (CSE: VVV) ("VERT" or the "Company") announces it has cancelled its previously announced $0.10 unit private placement.
The company continues to look for sales opportunities of its real estate assets to reduce its debt obligations. The company's main debt holder has security over all of the company's assets including the company's stock portfolio consisting of shares announced private issuer announced on February 27, 2019. Due to the COVID-19 pandemic the company does expect it will be challenging to attract suitable buyers for its assets nor will the company's Canadian management team be able to visit and report on any of the assets which are sitting in default.
Due to COVID-19 Pandemic all of our remaining consultants and/or those helping us through what was already a challenging time for the company are currently in self-isolation. The company will continue to work remotely to the best of its ability to look for the sale of its assets. No Pandemic relief the company is aware of is available to the company by either federal governments due to the company's position of being a Canadian small business investing and operating in the US.
As such, the company announces that a Director and an officer of the company have resigned effective immediately. The company wishes Abbey Abdiye, CFO and Director Victoria Bostic all the best with the future endeavours and wishes to announce the appointment of Mr. Arif Merali as interim CFO and has appointed Mr. Brendan Mossip Balkwill to the board of Directors. Mr. Mossip is an Ontario native currently residing in Vancouver. Mr. Mossip has played various corporate communications roles as an entrepreneur and private investor across various sectors.
Further, the company announces that it has settled a portion of its debt with its former supply agreement partner by the issuance of 1,052,631 shares at a deemed price of $0.095 per share.
About VERT Infrastructure Corp.
Vert Infrastructure is engaged in the business of branding, investing, constructing, owning and leasing infrastructure for certain licenced or permitted specialty agricultural businesses.
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Certain statements in this press release related to the Offering, the securities issuable thereunder and the Transaction are forward-looking statements and are prospective in nature. Forward-looking statements are not based on historical facts, but rather on current expectations and projections about future events, and are therefore subject to risks and uncertainties which could cause actual results to differ materially from the future results expressed or implied by the forward-looking statements. These statements generally can be identified by the use of forward-looking words such as "may", "should", "could", "intend", "estimate", "plan", "anticipate", "expect", "believe" or "continue", or the negative thereof or similar variations.
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