Financings
Monitor Ventures Inc. Announces Closing of Settlement of Debt and Private Placement
MVI · Price
Executive Summary
- Monitor Ventures Inc. issued 1,015,000 common shares at $0.075 each to extinguish $76,250 of debt (debt settlement).
- The company completed a non‑brokered private placement of 350,000 common shares at $0.075 each, raising $26,250 for working capital.
- Shares issued are subject to a four‑month hold period expiring February 17 2026; the transactions await final regulatory approvals.
Key Details
- Debt Settlement: 1,015,000 common shares issued at $0.075 per share → total consideration of $76,250 used to retire debt.
- Related Party Transaction: Shares were partially issued to a director who now holds 665,000 shares (≈16.86% pre‑closing; ≈15.48% post‑closing).
- Exemption Reliance: Company relied on MI 61‑101 exemptions (sections 5.5(a) and 5.7(1)(a)) because the fair market value of the debt shares is ≤25 % of market cap.
- Private Placement: 350,000 common shares sold at $0.075 per share → gross proceeds of $26,250.
- Use of Proceeds: Working capital, including audit fees, transfer agent fees, and ongoing filing fees.
- Hold Period: All issued shares (debt settlement + private placement) subject to a 4‑month hold period under TSX Venture Exchange rules; lock‑up expires 2026‑02‑17.
- Regulatory Condition: Transactions pending receipt of final regulatory approvals.
Notable Quotes
- “The issuance of shares to settle debt and the successful private placement provide us with essential liquidity to support ongoing operations and compliance costs,” – William Radvak, President & CEO.