Calgary, Alberta--(Newsfile Corp. - October 7, 2019) - Composite Alliance Group Inc. (TSXV: CAG) (formerly CanAsia Financial Inc.) (the "Company") announces that it has completed a non-brokered private placement of unsecured debentures (the "Debentures") in the principal amount of USD$351,507.25. The Debentures accrue interest at 5% per year, mature October 7, 2024 and are payable at any time by the Company without penalty.
The proceeds from the sale of the Debentures will be used for a compensation payment pursuant to a settlement agreement among the Company, a former distributor and two shareholders of the former distributor dated September 10, 2019. The purpose of this settlement agreement is to allow the Company to acquire the exclusive distributorship of certain equipment-related products from the former distributor in China. The completion of the settlement agreement is conditional on the Company entering into a new distributorship agreement. The Debentures are subject to a four month hold period from the date of issuance. This is a non-arm's length transaction as the subscriber to the Debentures is Team Alpha Limited, an entity controlled by Jim Hsieh, a director, officer and shareholder of the Company.
For further information, please contact Dale Burstall, Corporate Secretary and Director, via email at email@example.com.
Forward Looking Statements
This news release may contain certain forward-looking information and statements. Statements containing the words: 'believes', 'intends', 'expects', 'plans', 'seeks' and 'anticipates' and any other words of similar meaning are forward-looking. All statements included herein involve various risks and uncertainties because they relate to future events and circumstances beyond the Company's control. There can be no assurance that such information will prove to be accurate, and actual results and future events could differ materially from those anticipated in such information. A description of assumptions used to develop such forward-looking information and a description of risk factors that may cause actual results to differ materially from forward-looking information can be found in the Company's disclosure documents on the SEDAR website at www.sedar.com. Any forward-looking statements are made as of the date of this press release and the Company does not undertake to update any forward-looking information except in accordance with applicable securities laws.
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