Toronto, Ontario--(Newsfile Corp. - September 16, 2016) - Added Capital Inc. (TSXV: AAD) ("Added" or the "Company"), today announces that, pursuant to shares for debt agreements with certain creditors of the Company (collectively the "Creditors") dated as of September 6, 2016, (collectively, the "Agreements") the Company has issued common shares of the Company in lieu of cash to extinguish the amounts owed to the Creditors.
The number of common shares issued in lieu of cash pursuant to the Agreements was 4,428,310 common shares, calculated by dividing the aggregate amount owed to the Creditors (approximately CDN $221,416) by $0.05, the minimum issue price.
The total common shares issued includes 3,174,835 shares to Vic Alboini, Chairman and CEO, for services rendered to the Company as well as expenses outstanding. The issuance represents 25.1% of Added's total issued shares. After the transaction, Mr. Alboini owned 6,838,672 common shares. 250,000 stock options and 1,500,000 warrants of the Company, representing approximately 54.2% on an undiluted basis and 59.7% of the total common shares outstanding assuming the exercise of his warrants and options.
Mr. Alboini may, directly or indirectly, depending on market and other conditions, acquire beneficial ownership of, control or direction over, additional common shares, through market transactions, private agreements or otherwise. Mr. Alboini may, depending on market and other conditions, sell any or all of his securities in Added.
The issuance of the common shares in lieu of cash is subject to the terms and conditions of the Agreements as well as the receipt of all requisite approvals, including, without limitation, the approval of the TSX Venture Exchange. All common shares issued will be subject to a four-month hold period expiring January 16, 2017.
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.
About Added Capital Inc.
Added Capital Inc. is a financial advisory firm and merchant bank, with a specialization in mergers and acquisitions, merchant banking investments, risk arbitrage merger and acquisition investments, financial restructurings, proxy solicitation and information agent services.
FOR FURTHER INFORMATION PLEASE CONTACT:
Andrew Hilton416-606-8833
Chief Financial Officer
