Worksport Ltd (WKSP)

[buckyboy]

Pretty sure the PP he's indicated will be used in lieu of any capital they had planned to use from GunPowder. He's indicated he'll use an offering price from 10 - 138 with warrants attached for the PP. This would be a mile better than the GunPowder deal at 18 percent. JMO on that of course. GunPowder from all indications will still get 6M common for their activities in helping FNHI get listed on the CSE. A very good deal IMO.

DOWNLOAD AS PDF July 17, 2017
TORONTO, ON -- (Marketwired) -- 07/17/17 -- Franchise Holdings International, Inc., the parent company of Truxmart LTD Inc., (OTC PINK: FNHI), an innovative manufacturer of high quality, functional, and aggressively priced tonneau covers for the light truck market, has effectively cleared over $180,000 in corporate and operating debt from its balance sheet. This represents nearly all debt within Truxmart and FNHI and occurs as a second step after FNHI eliminated over $130,000 in convertible debt in early 2017. As a final step, FNHI, and its wholly owned subsidiary Truxmart, are virtually debt free, outside of non-convertible debt to Gunpowder Capital Corp., in relation to the Canadian Securities Exchange (CSE) cross-listing.

FNHI is also on its 2016 audit's final stages, and expects to release 2016 audited financial statements in the imminent future. Thereafter, FNHI intends to resume its objective of obtaining a prestigious CSE dual listing, leading to fresh growth capital and eliminating the Gunpowder debt. The company will then focus on revenue growth throughout 2017 and onwards.

"This is another great step towards the strategic growth and development of FNHI and Truxmart," said CEO Steve Rossi. "We appreciate our loyal shareholders' patience with our prolonged delay in this year's audit; we have learned much from it and will work diligently towards timely future financial reporting."

"We will be working on our Q1 and Q2 reviews immediately after the release of our 2016 audit. Once current, we will be reapplying for listing on the OTCQB exchange," Rossi added.