- GINSMS (GOK) has signed an agreement with Joel Siang Hui Chin for the repayment of loans of C$3,732,450.73 granted to the corporation by Joel Chin
- The repayment of the loans representing an aggregate principal and interest will be executed by way of a share issuance
- The payment of the loans in exchange for the issuance of 37,324,507 common shares of GINSMS will be at a price of $0.10 per common share
- GINSMS is a mobile technology and services company focusing on two areas, namely its A2P messaging service and its software products and services
- GINSMS Inc. was unchanged at $0.04 at 12:23 PM ET
GINSMS (GOK) has signed an agreement with director Joel Siang Hui Chin for the repayment of loans of C$3,732,450.73.
The repayment of the loans representing an aggregate principal and interest will be executed by issuing shares.
In an effort to improve the corporation’s financial position by decreasing the debts of the corporation and its subsidiaries and increasing its net asset value, the corporation has agreed, subject to the approval of the TSX Venture Exchange, to repay the loans.
When the shares for debt transaction is completed, it will result in the payment of the loans in exchange for the issuance of 37,324,507 common shares of GINSMS at a price of $0.10 per common share.
Upon the closing of the proposed shares for debt transaction, GINSMS will have 187,118,368 common shares issued and outstanding.
Joel Chin will own 37,324,507 common shares, representing 19.95 per cent of all of the issued and outstanding common shares of the corporation.
Joel Chin will also retain loans having an aggregate principal amount of 145,785.79 granted to the Group.
Xinhua Mobile Limited, the controlling shareholder of GINSMS, will continue to hold more than 50 per cent of all of the issued and outstanding shares of the corporation following the closing of the proposed shares for debt transaction.
More specifically, Xinhua Mobile will hold 52.29 per cent of all of the issued and outstanding common shares of the Corporation.
GINSMS is a mobile technology and services company focusing on two areas, namely its A2P messaging service and its software products and services.
GINSMS Inc. was unchanged at $0.04 at 12:23 PM ET.