LONDON and AMSTERDAM, May 17, 2023 (GLOBE NEWSWIRE) — Blockmate Ventures Inc (TSX.V: MATE) MATEF 8MH (“Blockmate” or the “Company“) announces that it has reached agreements with David Wong, Justin Rosenberg, Domenico Carosa, Georg Hochwimmer and Konstantin Lichtenwald, directors or officers of the Company, and two arms-length creditors (together, the “Creditors“) to settle (the “Debt Settlement“) outstanding indebtedness (the “Indebtedness“) totaling $141,538.03 through the issuance of 2,830,761 common shares at a deemed price of $0.05 per share. Completion of the Debt Settlement remains subject to the approval of the TSX Venture Exchange (the “Exchange“). All common shares issued in connection with the Debt Settlement will be subject to a four-month-and-one-day statutory holder period in accordance with applicable securities laws.
Messrs. Wong, Rosenberg, Carosa, Hochwimmer and Lichtenwald are directors or senior officers of the Company and considered non-arm’s-length parties in accordance with the policies of the Exchange. As a result, the Debt Settlement with the non-arm’s-length parties is subject to Exchange Policy 5.9 and Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (“MI 61-101“). In completing the Debt Settlement with Messrs. Wong, Rosenberg, Carosa, Hochwimmer and Lichtenwald, the Company intends to rely upon Section 5.5(b) of MI 61-101 for an exemption from the formal valuation requirement of MI 61-101, as the securities of the Company are not listed or quoted on a specified market, and Section 5.7(b) of MI 61-101 for an exemption from the minority shareholder approval requirements of MI 61-101, as the fair market value of the Debt Settlement with the non-arm’s-length parties does not exceed $2,500,000.
About Blockmate Ventures Inc.
Blockmate Ventures is a Web3 incubator/venture creator focusing on businesses that utilise blockchain technology and decentralization to provide greater utility,…
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