TORONTO, Dec. 10, 2018 /CNW/ - Compel Capital Inc. (the "Company") has completed shares for debt transactions with arms-length creditors, pursuant to which the Company issued an aggregate of 46,854,800 common shares in satisfaction of $234,274 of indebtedness. The Company determined to satisfy the indebtedness with common shares in order to preserve its cash. The common shares issued in satisfaction of the indebtedness will be subject to a four month statutory hold period from the date of issuance. Following completion of the issuance of the 46,854,800 common shares, the Company will have a total of 48,982,084 common shares issued and outstanding.
The Company plans to schedule a shareholder meeting in the near future to consolidate the common shares of the Company on the basis of up to 1 new share for 50 old shares.
SOURCE Compel Capital Inc.
For further information: Compel Capital Inc., Andrew Lindzon, Director, Tel: (647) 388-3095, Email: [email protected]