Sproutly Inc (SRUTF)

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Sproutly Announces Shares for Debt Settlement
BUSINESS WIRE 9:56 AM ET 9/16/2021
Symbol Last Price Change
SRUTF 0.0439up +0.0005 (+1.152074%)
QUOTES AS OF 09:57:19 AM ET 09/16/2021
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VANCOUVER, British Columbia--(BUSINESS WIRE)-- Sproutly Canada, Inc.(SRUTF) (FSE: 38G) (“Sproutly" or the “Company”) announces that it intends to settle outstanding current debt (the “Debt Settlement”) of the Company and the Company’s subsidiary, Toronto Herbal Remedies Inc., in the aggregate amount of $145,448.44 (the “Debt”), pursuant to the terms of debt settlement agreements with two arm’s length creditors (the “Creditors”). In settlement of the Debt, the Company has agreed to issue an aggregate of 2,908,968 common shares in the capital of the Company (the “Settlement Shares”) at a price of $0.05 per Settlement Share.

The Debt will be extinguished upon the issuance of the Settlement Shares. The Creditors voluntarily elected to satisfy their respective Debt with the Settlement Shares in lieu of cash payment, which will allow the Company to preserve its cash for future operations.

All securities issued in connection with the Debt Settlement will be subject to a four-month and one day hold period from their date of issue under applicable Canadian securities laws, in addition to such other restrictions as may apply under applicable securities laws of jurisdictions outside Canada.