VANCOUVER, British Columbia, April 12, 2019 /CNW/ -- ParcelPal Technology Inc. ("ParcelPal" or the "Company"), (PKG: CSE) (FSE: PT0) (OTC: PTNYF) - announces that it has arranged a shares for debt settlement (the "Debt Settlement") with certain directors and officers of the Company for services provided to the company from January to March 2019.
Pursuant to the Debt Settlement, the Company will issue a total of 171,427 common shares (the "Debt Shares") at a deemed price of $0.35 per Debt Share in settlement of the indebtedness to the Creditors in aggregate amount of $60,000.
The issuance of the Debt Shares will not result in the creation of any new control person. The Debt Shares will be subject to a four month plus 1 day hold period.
The above transaction contemplates a related party transaction as shares are issued to directors and officers of the Company. The Company is relying on an exemption under Multilateral Instrument 61-101 on the basis that participation by insiders does not exceed 25% of the fair market value of the Company's market capitalization.
About ParcelPal Technology Inc.
ParcelPal is a technology driven logistics company that connects consumers to the goods they love. Customers can shop at partner businesses and through the ParcelPal technology receive their purchased goods within an hour. The Company offers on-demand delivery of merchandise from leading retailers, restaurants, medical marijuana dispensaries and liquor stores in Vancouver and soon in major cities Canada-wide.
ParcelPal Website: www.parcelpal.com
The Canadian Securities Exchange ("CSE") or any other securities regulatory authority has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release that has been prepared by management.
CSE – Symbol: PKG
FSE – Symbol: PT0
OTC – Symbol: PTNYF
Contact: Peter Hinam, Director, ParcelPal Technology Inc. – +1-604-710-8331
SOURCE ParcelPal Technology Inc.