Toronto, Ontario--(Newsfile Corp. - January 11, 2022) - Green Environmental Technologies Inc. (the "Company") reports that Mr. Dominique Monardo advanced $20,000 to the Company on July 12, 2021 and $36,286 on December 31, 2021 for the purpose of reviving the Company. The loan is unsecured, non-interest bearing and non-convertible, with no specific repayment terms except repayment in Canadian Dollars at any future date. In addition, Mr. Monardo advanced $2,021 on various dates in May and June 2021 as well as $4,800 in August 2021 for the purpose of paying expenses related to the revival of the Company.
As at December 31, 2021, the advances total $63,107.
Mr. Monardo is a related party of the Company. The execution of the Loan Advance is a "related party transaction" for purposes of Multilateral Instrument 61-101- Protection of Minority Security Holders in Special Transactions ("MI 61-101"). The Company is relying on exemptions from the formal valuation and minority shareholder approval requirements available under MI 61-101. The Company is exempt from the formal valuation requirement in section 5.4 of MI 61-101 in reliance on Section 5.5(b) of MI 61-101 as the Company is not listed on a specified market. Additionally, the Company is exempt from minority shareholder approval requirement in Section 5.6 of MI 61-101 in reliance on Section 5.7(e) of MI 61-101 as the Company is suffering from financial hardship.
The financing was approved and ratified by the board of directors pursuant to a directors' resolution dated January 11, 2022. The Company did not have a formal process for the review and approval of the transaction. Due to the size of the Company and the financial hardship, the directors unanimously approved of the transaction after a discussion. The board also approved any additional funds as needed for the revival process up to $150,000 which includes the previous amounts advanced.
The purpose and anticipated effect of these loans were to pay for filing all outstanding continuous disclosure documents and relevant regulatory fines.
The Company shall send a copy of any material change report prepared by it in respect of the transaction to any security holder of the Company upon request and without charge.
The Company has filed a separate material change report on SEDAR.
For more information, please contact:
Green Environmental Technologies Inc.
Dominique Monardo, CEO
sheriquestion@gmail.com
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/109765
