American Biofuels Inc. (TSX-V: ABS.H) announces that it has closed its private placement and shares for debt transactions announced in a News Release dated September 12, 2018. On October 5, 2018 the Company received acceptance from the NEX Board of the TSX Venture Exchange to close the Financing and Debt Transactions.
In accordance with the provisions of the Financing Subscription Agreements, on October 9, 2018, the Company issued a total of 5,800,000 common shares at $0.25 per share.
Proceeds totaling $1,450,000 from the Financing will be used towards looking for a new business, to settle accounts payable and outstanding debt, and for general working capital purposes.
In accordance with Debt Agreements, on October 9, 2018, the Company issued a total of 840,000 common shares at $0.25 per share (the “Debt Shares”) to settle a total of $210,000 in outstanding debt.
The Financing Shares and Debt Shares are subject to a hold period under applicable Canadian securities laws expiring on February 10, 2019, and will be subject to such further restrictions on resale as may apply under applicable foreign securities laws.
Four Insiders have directly and/or indirectly were issued a total of 240,000 Debt Shares which increased their pro rata shareholdings in the Company. All of the independent directors of the Company, acting in good faith, have determined that the fair market value of the securities being issued and the consideration paid is reasonable and is exempt from the formal valuation and minority shareholder approval requirements of Multilateral Instrument 61-101.
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