(TheNewswire)
Toronto, ON / TheNewswire / June 21, 2017 - Wabi Exploration Inc. (the “Company”) (CSE:WAB) is pleased to announce that it has completed the settlement of an aggregate of $115,611.46 of indebtedness through the issuance of 2,202,123 common shares of the Company.
Pursuant to Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions (“MI 61-101”), the settlement of the debt constitutes a “related party transaction” as each of the creditors are controlled by officers of the Company. The Company is relying on exemptions from the formal valuation and minority approval requirements of MI 61-101, based on the fact that the securities of the Company are only listed on the Canadian Securities Exchange and the determination that the fair market value of the transaction does not exceed 25% of the market capitalization of the Company. A material change report will be filed not less than 21 days before the closing date of the transaction. This shorter period was reasonable and necessary in the circumstances, as it was necessary for the Company to complete the debt settlements to immediately improve the financial position of the Company.
For further information please contact:
James Brady, President and CEO
Tel: (416) 361-2823
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