TORONTO, May 14, 2019 (GLOBE NEWSWIRE) -- Eric P. Salsberg ("Salsberg"), Toronto, Ontario, announced today that he acquired 455,548 common shares ("Common Shares") of Duncan Park Holdings Corporation (the "Company") at a deemed price of $0.30 per share as payment for certain loan debt owed to him by the Company. The aggregate amount of the debt owed to Mr. Salsberg, the Chairman and a director of the Company, was $136,662.24 (principal of $116,000 plus accrued interest of $20,662.24). The 455,548 Common Shares were issued as part of a debt settlement transaction ("Debt Settlement Transaction") whereby the Company issued an aggregate of 1,462,178 Common Shares, including the Common Shares issued to Mr. Salsberg and other Common Shares issued to another creditor of the Company.
Following the issuance of the 455,548 Common Shares, Mr. Salsberg, in turn, intends to dispose of all of these Common Shares, at a price equal to 20% of the aggregate debt of $136,662.24 or $27,332.45 (approx. $0.06 per share), to certain investors, including certain subscribers to the Company's October 2018 private placement of debentures (the "Share Purchase Transaction").
Prior to his acquisition of the 455,548 Common Shares, Mr. Salsberg held 278,716 Common Shares, representing approximately 8.84% of the issued and outstanding Common Shares. The 455,548 Common Shares Mr. Salsberg acquired pursuant to the Debt Settlement Transaction represented approximately 9.87% of the issued and outstanding Common Shares. As a result of the Debt Settlement Transaction, Mr. Salsberg held 734,264 Common Shares, representing approximately 15.91% of the issued and outstanding Common Shares.
In connection with the Share Purchase Transaction, Mr. Salsberg intends to dispose of the 455,548 Common Shares, representing approximately 9.87% of the issued and outstanding Common Shares. Following the Share Purchase Transaction, Mr. Salsberg would hold 278,716 Common Shares, representing approximately 6.04% of the issued and outstanding Common Shares.
Mr. Salsberg acquired (and intends to subsequently dispose of) the 455,548 Common Shares in order to settle the $136,662.24 debt owed to him by the Company (and monetize the debt settlement). Mr. Salsberg intends to hold his Common Shares remaining after the Share Purchase Transaction for investment purposes. He may from time to time, depending on market and other conditions, acquire additional Common Shares or dispose of Common Shares through private agreement or otherwise.
For further information or a copy of the early warning report related to this matter, please contact:
Eric P. Salsberg
Tel: (416) 367-4941; Email: firstname.lastname@example.org