Fort St. John, British Columbia--(Newsfile Corp. - October 1, 2019) - Macro Enterprises Inc. (TSXV: MCR) (the "Company" or "Macro") has entered into loan agreements with nine employees, directors and officers of the Company to assist the borrowers with paying the exercise price and applicable taxes on the exercise of options granted under the Company's stock option plan. In aggregate, approximately $1.1 million was advanced. Interest will be charged at a rate based on the Company's cost of borrowing prime rate loans, beginning on the first anniversary of each loan.
Five of the nine loan agreements, providing for aggregate principal advances of approximately $745,000 constitute related party transactions as defined under the Multilateral Instrument 61-101("MI 61-101") and the corresponding Policy 5.9 of the TSXV. However, the these transactions are exempt from the formal valuation and minority shareholder approval requirements provided under MI 61-101 in accordance with sections 5.5(a) and 5.7(1)(a) of MI 61-101. The exemption is based on the fact that neither the fair market value of such loans nor the consideration paid therefor exceeds 25% of the Company's market capitalization.
Macro's core business is providing pipeline and facilities construction and maintenance services to major companies in the oil and gas industry in northeastern B.C. and northwestern Alberta. The Company's corporate office is in Fort St. John, British Columbia. Its shares are listed on the TSX Venture Exchange under the symbol MCR. Information on the Company's principal operations can be found on the Company's website at www.macroindustries.ca.
For further information please contact:
President & Chief Executive Officer
Tel: (250) 785-0033
Chief Financial Officer
Tel: (250) 785-0033
Renmark Financial Communications Inc.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/48407