Toronto, June 26, 2020 - Hanna Capital Corp.
(TSXV:HCC) (Frankfurt:04U1) (the "Corporation") is pleased to announce that that it has negotiated various debt conversion agreements (collectively, the "Debt Agreements") with nine (9) creditors (collectively, the "Creditors") of which seven (7) are arm's length parties to the Corporation and two (2) are non-arm's length parties as they are directors and/or officers of the Corporation.
Pursuant to the terms of the Debt Agreements, the Corporation has agreed to issue an aggregate of 12,079,964 units (the "Debt Units") to the arm's length parties in exchange for the cancellation of an aggregate of $603,998.19 in debt owning to the arm's length parties and 1,160,000 common shares ("Debt Shares") to the non-arm's length parties in exchange for the cancellation of $58,000 in debt owing to the parties..
The Debt Units and Debt Shares are being issued at a deemed price of $0.05. Each Debt Unit is comprised of one (1) common share and one (1) common share purchase warrant ("Debt Warrant"). Each Debt Warrant entitles the holder thereof to acquire one (1) common share of the Corporation at an exercise price of $0.08 per share at any time for a period of two (2) years from date of issuance.
The issuance of the Debt Shares and Debt Units are subject to the approval of the TSX Venture Exchange. All securities issued pursuant to the debt conversion are subject to a statutory four (4) month hold period.
Hanna Capital Corp.
Herb Brugh, President and Director
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward Looking Statements: This news release contains "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities legislation. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "anticipated", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Hanna is subject to significant risks and uncertainties which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward looking statements contained in this release. Hanna cannot assure investors that actual results will be consistent with these forward-looking statements and Hanna assumes no obligation to update or revise the forward-looking statements contained in this release to reflect actual events or new circumstances.