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Global Cobalt Corp. (TSXV:GCO,OTCBB:GLBCF,FRA:3P0) reported the issuance of shares for debt settlements with certain creditors, three of whom are directors and/or officers of the Company. The Company issued 1,047,300 common shares at a price of $0.05 per share.
As quoted in the press release:
Erin Chutter, Global Cobalt’s President & CEO commented:
“This debt settlement is important for the Company, as it continues the process of clearing the Company’s balance sheet of debt. Members of the Company’s Board as well as Officers of the Company are participants in the share for debt settlement, underscoring their confidence in the Company’s future. The Company determined it was best to satisfy the outstanding debt owed to the Creditors by the issuance of shares so as to preserve cash for operations, project advancement and the evaluation of potential acquisitions that can grow the company in the future.”
Click here to read the Global Cobalt Corp. (TSXV:GCO) press release
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