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Posted by
Two Blokes May 27, 2025 -
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Stock
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Calgary, Alberta / May 27 , 2025 – TheNewswire – Credissential Inc. (“Credissential” or the “Company” ) (CSE: WHIP) (OTC: IPTNF) (FSE: 9YZ) announces that it has closed its previously announced debt settlement agreements (the “ Settlement Agreements ”) to settle an outstanding debt owed to certain arm's length creditors (the “ Creditors ”) totaling CAD $1,411,844.78 (the “ Debt Settlement ”). Pursuant to the Settlement Agreement, the Company has issued an aggregate of 23,949,650 common shares (each a “ Share ”, collectively the “ Shares ”) at a deemed price of $0.05 per Share. A total of 7,396,884 Shares were issued to creditors that are considered “insiders” of the Company, and as such, their participation in the Debt Settlement constitutes a “related party transaction” under Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (“ MI 61-101 ”). The Company relied on exemptions from the formal valuation and minority shareholder approval requirements of MI 61-101 pursuant to sections 5.5(g) and 5.7(1)(e) thereof, on the basis that: (i) the Company is in serious financial difficulty, (ii) the Debt Settlement is designed to improve the financial position of the Company, (iii) the Company is not currently subject to any of the proceedings contemplated by Section 5.5(f)(i) of MI 61-101, (iv) the Company has two directors independent of the Debt Settlement and (v) the completion of the Debt Settlement is subject to the approval of both of the independent directors of the Company, having determined that the foregoing criteria in (i) and (ii) are met, and that the terms of the Debt Settlement are reasonable in the circumstances of the Company.
