TORONTO, Sept. 18, 2019 (GLOBE NEWSWIRE) -- Mega View Digital Entertainment Corp. (the “Company”) (MVD-H.V) announces today the Company has completed the shares for debt transaction originally announced on September 11, 2019 (the “Debt Settlement”), after receiving approval of the TSX Venture Exchange to settle all outstanding indebtedness.
Pursuant to the Debt Settlement, the Company has issued 1,584,063 common shares in the capital of the Company (“Common Shares”) to Ms. Erika Chong, the sole creditor of the Company. Under the Debt Settlement, the Company will settle an aggregate of $79,203.16 in indebtedness owed to Ms. Erika Chong through the issuance of 1,584,063 Common Shares. The Common Shares issued under the Debt Settlement will be issued at a deemed price of $0.05 per Common Share and will be subject to a hold period expiring four months plus a day after the date hereof. The Company has no outstanding indebtedness.
Prior to the Debt Settlement, Ms. Chong did not own, control or have direction over any Common Shares. Ms. Chong now holds or exercises control or direction over a total of 1,584,063 Common Shares, representing 17.6% of the issued and outstanding Common Shares. Ms. Chong acquired the 1,584,063 Common Shares as settlement of $79,203.16 in indebtedness owed by the Company and will evaluate her investment in the Company and may increase or decrease her investment through future acquisitions or dispositions of securities of the Company, as circumstances warrant. As of the date hereof, Ms. Chong has no immediate future intention to acquire additional securities of the Company or dispose of the securities of the Company that she beneficially owns.
In satisfaction of the requirements of National Instrument 62-103 - The Early Warning System and Related Take-Over Bid and Insider Reporting Issues, an Early Warning Report respecting the acquisition of Common Shares by the Ms. Chong pursuant to the Debt Settlement will be filed under the Company’s SEDAR Profile at www.sedar.com.
For further information please contact:
Mega View Digital Entertainment Corp.
Chief Executive Officer
Neither the TSX-V nor its Regulation Services Provider (as that term is defined in the policies of the TSX-V) accepts responsibility for the adequacy or accuracy of this release. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.
This News Release includes certain “forward-looking statements”. All statements other than statements of historical fact, included in this release, including, without limitation, future plans and objectives of the Company, are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company’s expectations are the risks detailed herein and from time to time in the filings made by the Company with securities regulators including the following: (i) the Company has stopped commercial operations and has no history of profit; (ii) investment in the common shares of the Company is highly speculative given the unknown nature of the Company’s business and its present stage of development; (iii) there is no assurance that the Company will find a profitable undertaking or that it can successfully conclude a purchase of such an undertaking at all or on terms which are commercially acceptable; (iv) the directors and officers of the Company will only devote a portion of their time to the business and affairs of the Company and some of them are or will be engaged in other projects or businesses such that conflicts of interest may arise from time to time; and (v) there can be no assurance that an active and liquid market for the Company’s common shares will develop and an investor may find it difficult to resell its common shares. This list is not exhaustive of the factors that may affect any of the Company’s forward-looking statements. These and other factors should be considered carefully and readers should not place undue reliance on the Company’s forward-looking statements. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.