Health Logic announces proposed actions for debt transaction
CALGARY, AB, October 1, 2021 / CNW / – Interactive Health Logic Inc. (“Health logic“or the”Society“) (TSXV: CHIP.H) (OTCPK: CHYPF), is pleased to announce that it has entered into debt settlement agreements (the”Debt settlement agreements“) with certain directors, officers and consultants of the Company (the”Parties“) by which he agreed to convert a total of $ 205,860.34 in debt (the “Debts“) due to the Parties relating to expenses, loans and services rendered to the Company up to September 2021 in ordinary shares of the Company’s capital (the “Settlement actionsThe Company proposes to issue the Settlement Shares in order to preserve liquidity to fund future operations.
In accordance with the terms of the debt settlement agreements, the Company has agreed to issue a total of 1,029,301 settlement shares at a deemed issue price of $ 0.20 by Settlement Action in full and final settlement of the Debts owed to the Parties. By issuing the Settlement Shares, the Debts will be definitively extinguished.
The Settlement Shares will be issued in accordance with certain prospectus exemptions available under Canadian securities legislation and will be subject to a hold period of four months and one day from the date of issue.
789,301 of the Settlement Shares are issued to insiders of the Company (the “Insiders“). In accordance with Multilateral Instrument 61-101 – Protection of holders of minority securities in special transactions (“MI 61-101“), the debt settlement will constitute a” related party transaction “because insiders are considered to be related parties to the Company. The Company will avail itself of the exemptions from the formal minority assessment and approval requirements of Regulation 61- 101 (in accordance with paragraphs 5.5 (a) and 5.7 (a)) as the fair market value of the securities to be distributed to insiders and the consideration received from insiders will not exceed 25% of the market capitalization of the Company. Been approved by all the directors of the Company.
The conversion of debts and the issuance of Settlement Shares are subject to acceptance by the TSX Venture Exchange (“TSXVThere is no guarantee that these conditions precedent will be satisfied or that any of the transactions will be completed as described herein or not at all.
About the company
Health Logic Interactive, through its wholly owned operating subsidiary My Health Logic, develops and markets consumer-centric, portable point-of-service diagnostic devices that connect to patient smartphones and digital healthcare platforms. continuous. The Company plans to use its patent-pending lab-on-a-chip technology to deliver rapid results and facilitate the transfer of this data from the diagnostic device to the patient’s smartphone. The Company expects this data collection to enable it to better assess patient risk profiles and provide better patient outcomes. Our mission is to empower people to achieve early detection anytime, anywhere through actionable digital management of chronic kidney disease. For more information, visit us at: www.healthlogicinteractive.com
Further information regarding Health Logic Interactive Inc. and its disclosure documents are available on SEDAR at www.sedar.com.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Certain statements contained in this press release constitute “forward-looking statements”. All statements other than statements of historical fact contained in this press release, including, without limitation, those relating to the completion of actions for the debt transaction, including the debt conversion, the issuance of settlement shares and acceptance by the TSXV, and the strategy, plans, objectives, goals and targets of the Company, together with any statement preceded, followed by or including the words “believe”, “s ‘expect’, ‘aim’, ‘intend’, ‘plan’, ‘continue’, ‘will’, ‘may’, ‘would’, ‘anticipate’, ‘estimate’, ‘anticipate’, ‘ predict ”,“ project ”,“ seek ”,“ should ”or similar expressions or the negative of these, are in front- watchful statements. These statements are not historical facts but represent only the Company’s expectations, estimates and projections regarding future events. These statements are not guarantees of future performance and involve assumptions, risks and uncertainties that are difficult to predict. Therefore, actual results may differ materially from what is expressed, implied or expected in these forward-looking statements. Additional factors that could cause actual results, performance or achievements to differ materially include, without limitation, the risk factors discussed in the Company’s MD&A for the year ended December 31, 2020. Management provides forward-looking statements because it believes they provide information useful to investors when considering their investment objectives and caution investors not to place undue reliance on forward-looking information. Accordingly, all forward-looking statements made in this press release are qualified by these and other cautionary statements or factors contained herein, and there can be no assurance that actual results or developments will be achieved. or, even if they are substantially realized, that they will have the consequences or the expected effects on the Company. These forward-looking statements are made as of the date of this press release and the Company assumes no obligation to update or revise them to reflect subsequent information, events or circumstances or otherwise, except as required by law. required.
SOURCE Health Logic Interactive Inc.