TORONTO, June 26 /CNW/ - Queen Street Entertainment Capital Inc. (TSXV:
QE; OTCQX: QSETF.PK) ("Queen Street") is pleased to announce that it has
repaid in full its Bridge Loan to GC Global Capital. Queen Street is issuing
50,000 common shares to GC Global Capital in lieu of financing and extension
fees of $20,000. The common shares have a deemed value of $.40 per share.
In addition, Queen Street has agreed to issue to Michael Porter of
Porter, Levay & Rose, 50,000 common shares in lieu of a $20,000 fee related to
his services as an outside consultant to the Company. Mr. Porter assisted the
Company from January to June with the Company's filings and material drafting
for applications to the OTCQX market in the United States. The Company has
also agreed to pay each of its five independent directors an amount of 31,250
common shares in lieu of annual directors fees of $12,500 for their service
over the previous twelve months.
The total number of common shares to be issued under these agreements is
256,250 in lieu of $102,500 in debts. All shares are issued at $.40 per common
share and represent a significant retention of cash to the Company during its
current growth. The issue price of $0.40 per common share is above the per
share price of the Company's recently completed financing announced in its
press release dated June 15th, 2007.
The shares issued will be subject to a 4-month hold period from the date
of issuance. All of the shares for debt settlements remain subject to
acceptance of the TSX Venture Exchange and compliance with all applicable
Upon issuance Queen Street will have 19,270,808 common shares
outstanding. Additional information regarding the business of Queen Street may
be found filed on SEDAR at www.sedar.com.
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release or the
information contained herein.
For further information:
For further information: Queen Street Entertainment Capital Inc., Leif
Bristow, President and Chief Executive Officer, (tel) (416) 691-6655 ext 222,
or Annette Grot, VP, Finance, ext 231