Search Blog
Categories
January 2019
M T W T F S S
« Dec   Feb »
 123456
78910111213
14151617181920
21222324252627
28293031  

Tags

Prime City One Capital Corp. Completes Shares-for-Debt Transaction

newsfilecorp

Toronto, Ontario–(Newsfile Corp. – January 17, 2019) – Prime City One Capital Corp. (NEX: PMO.H) (the “Corporation” or “Prime City”) is pleased to announce that it has completed its previously announced shares for debt transaction with Gravitas Financial Inc. (“Gravitas”), whereby it has issued an aggregate of 6,337,322 common shares of Prime City (each, a “Common Share”) at a deemed price of $0.08 per Common Share to Gravitas in settlement of all amounts owing to Gravitas under existing loans in the aggregate amount of $506,985.79 (the foregoing is hereinafter referred to as the “Shares-For-Debt Transaction”).

Prior to giving effect to the Shares-For-Debt Transaction, Gravitas owned an aggregate of 272,916 Common Shares, being approximately 4.65% of the 5,864,688 Common Shares that were issued and outstanding at such time. After giving effect to the Shares-For-Debt Transaction, Gravitas owns or exerts control or direction over an aggregate of 6,610,238 Common Shares, representing 54.1% of the currently outstanding 12,202,010 Common Shares. In addition to Gravitas’ holdings of Common Shares, associates, affiliates or entities in close association with Gravitas own a further 1,065,000 Common Shares. In accordance with applicable securities laws, the Common Shares issued pursuant to the Shares-For-Debt Transaction are subject to a four-month hold period, which will expire on May 20, 2019.

Forward Looking Statements

Except for statements of historical fact relating to the Corporation, certain information contained herein constitutes forward-looking statements. Forward-looking statements are based on the opinions and estimates of management at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements. The Corporation undertakes no obligation to update forward-looking statements if circumstances or management’s estimates or opinions should change. The reader is cautioned not to place undue reliance on forward-looking statements.

FOR FURTHER INFORMATION, PLEASE CONTACT:

Ying Chen
Chief Financial Officer
Prime City One Capital Corp.
Tel: (647) 300-1581
Email: ying@gravitasfinancial.com

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of the release.