The Company announced a private placement and debt settlement. The Company intends to use the proceeds from the private placement for general working capital and outstanding payables. The securities issued under the private placement will be subject to a statutory hold period of four months and one day. The Company also announced the settlement of debt in the aggregate amount of $600,000 owed to insiders and creditors in exchange for warrants.
These warrants will also be subject to a statutory hold period of four months and one day. Shareholder approval was obtained for both transactions.
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