Toronto, Ontario – (Newsfile Corp. – January 5, 2021) – Zonetail inc. (TSXV: ZONED) (“Zonetail” or the “Company”), is pleased to announce that its Board of Directors has approved the settlement of a debt of up to $ 49,616 through the issuance of common shares of the Company (the “Debt Settlement”). Pursuant to the debt settlement, the Company would issue 598,871 common shares of the Company (the “Shares”) at a deemed price of $ 0.06 per Share to holders of convertible debentures, on account of accrued interest, for a sum of $ 0.06 per Share. amount of $ 35,932 and 182,453 Shares at a deemed price of $ 0.075 per share to certain of its directors for fees in the amount of $ 13,684 (the “Creditors”).
The issuance of the shares to creditors is subject to the approval of the TSX Venture Exchange. All securities issued will be subject to a four month holding period which will expire on the date that is four months and one day from the date of issue.
Since certain insiders participated in the debt settlement, it is considered a “related party transaction” under Multilateral Regulation 61-101 – Protection of Holders of Minority Securities in Special Transactions (“MI 61-101 “). All of the independent directors of the Company, acting in good faith, have reviewed the transactions and determined that the fair market value of the securities issued to insiders and the consideration paid are reasonable. The Company intends to avail itself of the exemptions from the assessment and minority shareholder approval requirements of NI 61-101 contained in Sections 5.5 (b) and 5.7 (b) of NI 61-101.
The Company also wishes to announce that it has issued a total of 30,000 stock options with an exercise price of $ 0.75 for a period of one year to a consultant of the Company.
Zonetail is a mobile platform for hotels and condominiums providing customers and residents with access and interaction with building amenities and services as well as neighboring restaurants, shops, services and attractions.
Zonetail is a partner of AAHOA, the world’s largest hotel association, representing more than 25,000 hotels and 50% of the US market. Zonetail is also a partner of Shiftsuite, one of the largest providers of property management software for the condominium industry in Canada, with approximately 2,000 condominium buildings, representing approximately 400,000 units. Zonetail has offices in Toronto, Ontario and San Dimas, California.
For more information, please visit https://www.zonetail.com.
For more information, please contact:
Telephone: (416) 994-5399
ALL SECURITIES REFERRED TO HEREIN WILL NOT BE REGISTERED IN THE UNITED STATES. SECURITIES ACT OF 1933 (THE “1933 ACT”) AND MAY NOT BE OFFERED OR SOLD IN THE UNITED STATES OR TO A US PERSON IN THE ABSENCE OF SUCH REGISTRATION OR EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE LAW OF 1933.
This press release does not constitute an offer to sell or the solicitation of an offer to buy and there will be no sale of securities in any jurisdiction in which such an offer, solicitation or sale would be illegal.
This press release includes forward-looking statements regarding Zonetail and its business. Such statements are based on the current expectations and views of future events of the management of Zonetail. In some cases, forward-looking statements may be identified by words or phrases such as “may”, “will”, “expect”, “plan”, “anticipate”, “intend”, ” possible “,” estimate “,” “believe” or the negative of these terms, or other similar expressions intended to identify forward-looking statements. The forward-looking events and circumstances discussed in this press release may not occur and could differ materially in due to the failure to offer Rights, known and unknown risk factors and uncertainties affecting Zonetail, including risks relating to economic factors and the stock markets in general, and many other factors beyond the control of Zonetail. de Zonetail. No forward-looking statement can be guaranteed. Forward-looking statements and information, by their nature, are based on assumptions and involve known and unknown risks, uncertainties. udes and other factors that may cause our actual results, performance or achievements, or the results of the industry, to differ materially from the results, performance or achievements expressed or implied by such forward-looking statements or information. Therefore, readers should not place undue reliance on forward-looking statements or information. Forward-looking statements speak only as of the date on which they are made and Zonetail assumes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by securities laws.
Neither the 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 this release.
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