Steep Hill Announces Debt Settlement

• The most recent release (April 30, 2026) details a debt settlement of $79,278 owed to non-arm's length creditors.
• Settlement method involves issuing 1,321,300 common shares at $0.06 per share.
• Transaction is a related party deal involving insiders and requires Canadian Securities Exchange (CSE) acceptance.
• Newly issued shares carry a four-month hold period.
• Historical context from November and December 2025 outlines an attempted amalgamation with Good Purpose Investments Inc. to pivot into the textile business.
• The December 2025 update amended the initial agreement, changing share consolidation ratios (from 1-for-3 to 1-for-6) and raising private placement targets ($3M-$10M at $0.75/share).
• A trading halt was announced in December 2025 pending CSE filings, yet price data indicates continuous trading through April 2026.

• The debt settlement is immaterial to the company's overall financial health given its small size ($79k) relative to the promised $3M-$10M capital raise in late 2025.
• Issuing equity to settle debt signals a lack of cash liquidity, contradicting the expectation that the Good Purpose private placement would fund operations and the transaction.
• The discrepancy between the December trading halt announcement and continuous price data through April suggests regulatory uncertainty or a stalled process where trading resumed without deal completion.
• Insider settlement at $0.06/share (above the current market price of $0.05) may be viewed as favorable to creditors but dilutive to existing shareholders if the strategic pivot has not materialized.
• The failure to close the Good Purpose amalgamation by April 2026, despite November/December announcements, indicates significant execution risk and potential deal fatigue.

• Original Entity: Steep Hill Inc., previously focused on cannabis testing (implied by name, though not explicitly stated in text).
• Proposed Pivot: Amalgamation with Good Purpose Investments Inc. to enter the sustainable textile business.
• Flagship Project Status: Stalled/Unconfirmed. The amalgamation was announced in late 2025 but no completion news exists as of April 2026.
• Corporate Structure: Intended name change to "Good Purpose Investments Inc." with board reconstitution (George Tsogas, CEO).
• Current Operations: Likely minimal or dormant pending the resolution of the amalgamation and financing.