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[BigJuan]

$LCLP MEGA News >>>> Life Clips, Inc. Pays All Convertible Debt and Decreases Shares Outstanding

AVENTURA, Fla., April 18, 2022 (GLOBE NEWSWIRE) -- Life Clips, Inc. (OTC Pink: LCLP) (the “Company”), the parent company of Belfrics Global and Cognitive Apps Software Solutions Inc., announced today it has it has eliminated all of its nearly $4 million in outstanding convertible debt by paying the outstanding amounts in Belrium (BEL). The net effect of the transactions reduces the fully diluted share count of the Company by approximately 400,000,000 shares or more than 22% of the Company’s current issued and outstanding.

Robert Grinberg, CEO of Life Clips, said, "The restructuring of all of our outstanding debt owed to convertible debt holders is the first major step in executing on the next phase of our business plan. Not only does this eliminate debt and reduce potential dilution, it shows that investors have confidence in BEL. By eliminating our convertible debt, we are also able to reduce the shares outstanding by freeing up the underlying shares it was convertible into. We have strengthened our financial position and are better positioned to secure new capital that will enable the expansion of our Company over the next 12 months. This is a critical step for advancing our company going forward."

https://www.globenewswire.com/news-release/2022/04/18/2423836/0/en/Life-Clips-Inc-Pays-All-Convertible-Debt-and-Decreases-Shares-Outstanding.html