Sixth wave initiates settle their debts with stocks
Halifax, Nova Scotia – (Newsfile Corp. – July 6, 2021) – Sixth Wave Innovations Inc. (CSE: SIXW) (OTCQB: SIXWF) (FSE: AHUH) (“Sixth Wave” or the “Company”) is pleased to announce that its Board of Directors has approved the settlement of $ 1,804,929 of debt held by the founders of the Company, Dr. Jonathan Gluckman, President and CEO and Mr. Sherman McGill, Vice-President executive, by issuing ordinary shares of the Company (the “Debt settlement“).
Pursuant to the Debt Settlement Agreement, the Company will issue 4,849,674 common shares at a deemed price of $ 0.30 per common share. Ordinary shares will be subject to a voluntary holding period such as 1/8e ordinary shares to be issued will be released from detention every 3 months (after an initial statutory holding period of 4 months) over 24 months.
This debt settlement is part of the Company’s efforts to reduce cash consumption and ensure the Company is able to allocate resources to accelerate operational progress. Settling this debt will result in a significant reduction in spending over the next 12 months.
“I am happy to convert my debt to equity because I believe in technology and the growth of the company,” said Jonathan Gluckman, President and CEO.
Also noted by David Fransen, Director, on behalf of the Board of Directors; “Over the past year, I have come to know Jon and Sherman’s commitment to Sixth Wave and their determination to make it a big success. Company and are prepared to continue investing their capabilities to grow the Company. “
Since the common shares will be issued to insiders of the Company, the debt settlement is considered a related party transaction under Multilateral Instrument 61-101 – Protection of holders of minority securities in special transactions (“MI 61-101All details of the issuance of Common Shares will be on the Electronic Insider Disclosure System (“SEDI”). All of the independent directors of the Company, acting in good faith, have reviewed the transactions and have determined that the fair market value of common shares issued and that the consideration paid is reasonable. Debt settlement is exempt from the formal valuation and minority shareholder approval requirements of NI 61-101 because neither the fair market value of the debt or common stock does not exceed 25% of the Market Capitalization value of the Company. No new insider or control person has been created as a result of the Debt Settlement. The Company has not filed a declaration of material change more than 21 days before the scheduled closing of the Debt Settlement, as the details of the Debt Settlement were not finalized until closer to the closing date of the transaction, and the Company wanted to close the deal as soon as possible as part of broader efforts to reduce liabilities on the balance sheet.
About the sixth wave
Sixth Wave is a nanotechnology company with patented technologies that focus on the extraction and detection of target substances at the molecular level using highly specialized Molecular Footprint Polymers (PIMs). The Company is in the process of commercially deploying its Affinity ™ cannabinoid purification system, as well as IXOS®, a line of extraction polymers for the gold mining industry. The Company is in the process of developing a rapid diagnostic test for viruses under the label Accelerated MIPs (AMIPs ™).
Sixth Wave can design, develop and market MIP solutions in a wide range of industries. The company focuses on highly relevant nanotechnology architectures for the detection and separation of viruses, biogenic amines and other pathogens, for which the company has products at various stages of development.
For more information on Sixth Wave, please visit our website at: www.sixthwave.com.
ON BEHALF OF THE BOARD OF DIRECTORS
Jonathan Gluckman, Ph.D., President and CEO
For more information, please contact the Company:
Telephone: (801) 582-0559
Email: [email protected]
This press release includes certain statements which may be considered “forward-looking statements”. All statements contained in this press release, other than statements of historical fact, which deal with future events or developments that the Company expects, are forward-looking statements. Although the Company believes that the expectations expressed in these forward-looking statements are based on reasonable assumptions, these statements are not guarantees of future performance, and actual events or developments may differ materially from those of the forward-looking statements. Such forward-looking statements necessarily involve known and unknown risks and uncertainties, which may cause the actual performance and financial results of the Company for future periods to differ materially from any projection of future performance or results expressed or under- understood by these forward-looking statements. In particular, the successful development and commercialization of the Company’s technologies are subject to the risks that the technologies will not prove to be effective, the uncertainty of medical product development, the uncertainty of the timing or the availability of regulatory approvals. required, lack of product development history for medical applications and the need for additional capital to carry out product development activities. The value of any product ultimately developed could be adversely affected if the patent is not granted. The Company has not yet completed the development of a prototype for the product that is the subject of its patent application and has not yet requested regulatory approval for the use of this product with an organization. regulatory.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/89482