|Genius Properties Ltd.
CNSX : GNI
June 03, 2016 13:49 ET
MONTREAL, QUEBEC–(Marketwired – June 3, 2016) – Genius Properties Ltd. (“Genius” or the “Corporation“) (CSE:GNI) is pleased to announce that it closed it previously announced acquisition of the Blockhouse Gold Property in accordance with the terms previously disclosed.
Genius also announces that it has entered into debt settlement agreements to extinguish a total of $276,000 of debt relating to consulting fees and service fees to certain arm’s length and non-arm’s-length parties by issuing an aggregate of 5,520,000 common shares of the Corporation (each a “Share“) at a deemed price of $0.05 per share (the “Debt Settlement“).
As part of the Debt Settlement, 9248-7792 Québec Inc. (the “Related Party“), a company controlled by Mr. Stéphane Leblanc, CEO of the Corporation, was issued 4,000,000 Shares. The participation of the Related Party in the Debt Settlement is considered a “related party transaction” under Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions (“MI 61-101”). The Corporation is relying on Sections 5.5(a) and 5.7(1)(a) of MI 61-101, respectively, for exemptions from the formal valuation and minority approval requirements under MI 61-101, as neither the fair market value of the Shares issued to the Related Party nor the amount of debt settled pursuant thereto exceeded 25% of the Corporation’s market capitalization.
All Shares issued will be subject to a hold period of four months and one day from their date of issuance and as such are restricted from trading until October 4, 2016.
About Genius Properties
Genius is one Canadian mineral exploration company focused on developing projects with some of the world’s most critical metals and minerals, Genius have team and potential to discover new world-class deposits. Also, Genius is the ideal partner for exploration companies and capital pool companies looking for a qualifying transaction and projects of merit.
Neither the CSE nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.