VANCOUVER, BC - Pontus Protein Ltd. announces that it has entered into debt settlement agreements (the "Debt Settlement Agreements") with certain arm's length creditors of the Company to settle debts in the aggregate amount of $66,197 (the "Debt").
Pursuant to the terms of the Debt Settlement Agreements, the Company will issue an aggregate of 491,891 common shares in the capital of the Company to the creditors at a deemed price of $0.16 per common share in full and final satisfaction of the Debt. The Debt Settlement Agreements and the issuance of the shares in consideration of the Debt are subject to approval of the Board of the Company and the TSX Venture Exchange. All shares issued in connection with the Debt Settlement Agreements shall be subject to a hold period of four months and one day from the date of issuance.
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