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Cansortium Inc. (OTCQX:CNTMF) (CSE:TIUM) , a vertically-integrated cannabis company operating under the Fluent brand, has issued an aggregate of 2 million common shares ("debt shares") to certain of its directors in exchange for the cancellation of $162,500 of director fees owing. The debt shares are being issued at a price equal to the closing market price of the common shares of the company as listed on the Canadian Securities Exchange on June 1, 2023, being $0.08, in accordance with the policies of the CSE.
The issuance of the debt shares to the directors constitutes a "related party transaction" as this term is defined in Multilateral Instrument 61-101: Protection of minority securityholders in special transactions. The directors of the company, acting in good faith, determined that the fair market value of the debt shares being issued pursuant to the shares for debt transaction and the consideration being paid is reasonable.
The company did not file a material change report more than 21 days before the expected closing of the shares for debt transaction as the details and amounts of debts settled under the transaction were not finalized until closer to the closing and the company wished to close the transaction as soon as practicable, which the company deems reasonable as it wishes to reduce its accrued liabilities as soon as possible. Any debt shares issued will be subject to a four month hold period.
Photo: Benzinga edit with photo by Kindel Media on Pexels
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