BLDV Completes 700 Million Share Buyback
New Outstanding Share Count to be Updated by OTC Next Week
June 23nd 2021- Chicago - Blue Diamond Ventures Inc. OTCPK: BLDV
Blue Diamond Ventures Inc. was informed by the Securities Transfer Corporation that they have accepted the return of the 700 Million Shares from Cann10 North America, completing a transaction that has been held up since early 2020.
The value of these shares is over $1.5 Million Dollars and represents just over 12% of all the common shares issued by the company.
Josh Alper, CEO of BLDV answered a few questions concerning this reduction of the outstanding shares in the company:
Q: Why was it necessary to increased the authorized amount of shares in order to get the 700 Million Shares back in the Treasury:
A: As part of the process of returning existing certificates to the treasury, BLDV is required to Indemnify the Transfer Agent in the event that the transaction is challenged. Due to this requirement, we must add to our Authorized amount, an amount equal to the number of shares being returned.
Q: Does this mean more shares will be issued:
A: No, BLDV has not issued any shares in 2021 and has no plans to issue a significant number of shares in the future.
Q: Why were the Authorized shares increased to 7.5 Billion Shares, an increase of just over 1.5 Billion, if only 700 Million Shares were returned.
A: We anticipate more share returns in the near future, this current increase would cover up to 1.5 Billion Shares returned or recovered.
