(TheNewswire)
March 18, 2022 – TheNewswire - Calgary,AB. - Cleango InnovationsInc. announces that it has agreed with certainof its creditors to issue an aggregate of $116,750 in outstandingdebt.
In settlement of the Debt the Company will issue183,409 Shares (" DebtShares ") at a deemed price of $0.55 and atotal of 31,750 Units at a deemed price of $0.50, which consist ofone common share and one-half share purchase warrant, with each fullwarrant for an additional share at an exercise price of $0.60 for aperiod of 12 months. The Company did not file a material changereport more than 21 days before the expected closing of the shares fordebt transaction as the details and amounts of debts settled under thetransaction were not finalized until closer to the closing and theCompany wished to close the transaction as soon as practicable, whichthe Company deems reasonable as it wishes to improve its financialposition by reducing its accrued liabilities as soon aspossible.
All Debt Shares issued pursuant to the debt conversionwill be subject to a four (4) month hold period.
The Company also wishes to announce that it has granteda total of 87,500 Options pursuant to the terms of its option plan toa consultant to the Company. The Options have an exercise price of$0.60 and a term of 5 years.
Further Information
For further information regarding the Transaction, please contact:
Anthony Sarvucci
Chief Executive Officer
CleanGo Innovations Inc.
Forward-looking Information
This news release may containforward-looking statements and forward-looking information(collectively, “forward-looking statements”) within the meaning ofapplicable Canadian and U.S. securities legislation. Forward-lookingstatements can often be identified by words such as “will”,“plans”, “expects”, “may”, “intends”,“anticipates”, “believes”, proposes” or variations of suchwords including negative variations thereof and phrases that refer tocertain actions, events or results that may, could, would, might orwill occur or be taken or achieved. Actual results could differ fromthose projected in any forward-looking statements due to numerousfactors, including risks and uncertainties relating to generaleconomic, market or business conditions or changes in laws,regulations and policies affecting the Company’s operations.Investors are cautioned that forward-looking statements are notguarantees of future performance or events and, accordingly arecautioned not to put undue reliance on forward-looking statements dueto the inherent uncertainty of such statements. Any forward-lookingstatements included in this news release are made as of the datehereof and the Company does not intend to update or revise anyforward-looking statements, except as expressly required by law.
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