Bonaventure Enterprises Inc.: Debt Settlement
06.01.2011 | Marketwire
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 01/05/11 -- Bonaventure Enterprises Inc. ('Bonaventure' or 'the Company') (TSX VENTURE: BVT)(FRANKFURT: YQG) announces that it as negotiated a settlement with certain creditors for outstanding debts in the aggregate amount of Cdn$3,783,023.32 (the 'Debt'), subject to acceptance by the TSX Venture Exchange.Of the Debt owing, $169,089.85 will be settled by the issuance of 3,381,797 common shares at a deemed price of Cdn$0.05 per share.
The remaining Cdn$3,613,933.47 will be settled as follows: (a) 10% will be repaid from proceeds to be received by the Company from future equity financings, until the debt has been fully paid; and (b) 20% will be repaid from proceeds to be received by the Company from the exercise of any outstanding share purchase warrants, until the debt has been fully paid. In addition, the Company has agreed to grant these creditors the right to convert, at their option up to $1,500,000 of this portion of the Debt, on a pro-rata basis, into equity, on the same terms and conditions of any proposed future financing.
On behalf of the Board of Directors
Jurgen Wolf
Director
For further information on the Company, please visit our website at www.bonaventure.us. The Company's public documents may be accessed at www.sedar.com.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Contacts:
Bonaventure Enterprises Inc.
Jurgen Wolf, Director
(604) 718-2800
(604) 718-2808 (FAX)
www.bonaventure.us