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Telescope Innovations Corp. (CSE: TELI) (OTCQB: TELIF) (FSE: J4U) (the "Company"), a leading developer of advanced technologies and services for the global pharmaceutical and high-value chemical industries, is pleased to announce that it has entered into agreements to settle certain outstanding indebtedness through the issuance of 689,654 common shares (each, a "Share") of the Company (the "Debt Settlement").
Pursuant to the Debt Settlement, the Company has reached an agreement with Jason Hein, Chief Technology Officer and a director of the Company, to settle an aggregate of CAD $100,000 in outstanding indebtedness (the "Indebtedness") incurred for services previously provided to the Company. The Indebtedness will be satisfied through the issuance of 344,827 Shares of the Company at a deemed price of CAD $0.29 per Share.
In addition, the Company previously entered into a secured loan facility (the "Loan") with a group of lenders, pursuant to which the Company received aggregate proceeds of CAD $1,200,000 to support operational activities. The Loan bears interest at a rate of 6.95% per annum and matures on June 1, 2026. The Company has agreed to settle $100,000 of the Loan, through the issuance of 344,827 Shares at a deemed price of CAD $0.29 per Share.
Jason Hein is a director and officer of the Company and therefore a "related party" within the meaning of Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions ("MI 61-101"). The participation by Hein in the Debt Settlement constitutes a "related party transaction" under MI 61-101. The Company is relying on the exemptions from the formal valuation and minority shareholder approval requirements set out in sections 5.5(a) and 5.7(1)(a) of MI 61-101, respectively, on the basis that the fair market value of the securities issued to Hein does not exceed 25% of the Company's market capitalization.
All Shares issued pursuant to the Debt Settlement will be subject to a statutory hold period of four months and one day from the date of issuance in accordance with applicable Canadian securities laws. Completion of the Debt Settlement remains subject to the approval of the Canadian Securities Exchange and all other required regulatory approvals.
About Telescope Innovations
Telescope is a chemical technology company developing scalable manufacturing processes and tools for the pharmaceutical and chemical industry. The Company builds and deploys new enabling technologies including flexible robotic platforms and artificial intelligence software that improves experimental throughput, efficiency, and data quality. The Company's aim is to bring modern chemical technology solutions to meet the most serious challenges in health and sustainability.
On behalf of the Board,
Telescope Innovations Corp.
Henry Dubina, CEO
For additional information, please contact
Jeffrey Sherman
E: jeff@telescopeinn.com
Forward-Looking Information
The Canadian Securities Exchange ("CSE") has neither approved nor disapproved the contents of this news release. Neither the CSE nor its Market Regulator (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.
This news release may contain certain "forward-looking information" under applicable Canadian securities laws. When or if used in this news release, the words "anticipate," "believe," "estimate," "expect." "target", "plan," "forecast," "may," "schedule," and similar words or expressions identify forward-looking information. This forward-looking information may relate to planned project development, exploration programs, the intended use of the proceeds from the Offering and other factors or information.
Forward-looking information is based on a number of opinions, assumptions and estimates that, while considered reasonable by the Company as of the date of this news release, are subject to known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking information. The forward-looking information contained in this news release is made as of the date of this news release, and the Company expressly disclaims any obligation to update or alter statements containing any forward-looking information, or the factors or assumptions underlying them, whether as a result of new information, future events or otherwise, except as required by law.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/271662
