- Playground Ventures (PLAY) has settled $873,859.95 of debt to select creditors
- The company settled the debts by issuing 17,477,199 common shares at a price of $0.05 per share
- The company also issued secured promissory grid notes to certain non-arm’s length lenders of the company for available proceeds of up to $100,000
- Playground Ventures Inc. (PLAY) opened trading at $0.03 per share
Playground Ventures (PLAY) has settled $873,859.95 of debt to select creditors.
The company settled the debts by issuing 17,477,199 common shares at a price of $0.05 per share.
The common shares issued are subject to a four-month hold period, and completion of the transaction remains subject to acceptance by the Canadian Securities Exchange.
The company also issued secured promissory grid notes to certain non-arm’s length lenders of the company for available proceeds of up to $100,000.
The promissory notes will mature on April 17, 2023, and are secured against the company’s assets.
The company may draw on the available proceeds of the promissory notes from time to time during the term, and the amounts outstanding under the promissory notes bear an annual interest of 8 per cent, payable with any outstanding principal at the end of the term. The interest increases annually to 15 per cent upon an event of default.
In addition, the company has disclosed that the outstanding promissory notes issued on August 23, 2022, have been noted in default and now bear an annual interest of 15 per cent.
The promissory notes will provide immediate capital to the company while seeking additional sources of capital, which may include issuing other debt or equity securities, including a formal credit facility to meet the company’s long-term capital needs.
Playground Ventures Inc. (PLAY) opened trading at $0.03 per share.