Grounded People to settle $450,000 debt with shares

Executive Summary

• Grounded People Apparel Inc. has entered into debt settlement agreements with certain creditors to resolve $450,000 in outstanding indebtedness related to corporate secretarial and back-office support services.
• The company will settle this debt by issuing 4.5 million common shares at a deemed price of 10 cents per share.
• The transaction is with arm's-length parties who acquired the debts from a corporate services provider and is subject to approval by the Canadian Securities Exchange (CSE).

Key Details

• Debt Resolved: $450,000 in aggregate outstanding indebtedness.
• Consideration: Issuance of 4.5 million common shares.
• Deemed Price: $0.10 per share.
• Counterparties: Arm's-length parties who acquired the debts from a corporate services provider.
• Original Debt Purpose: Corporate secretarial services and back-office support.
• Regulatory Status: Subject to approval of the Canadian Securities Exchange (CSE).
• Closing Timeline: Expected on or before March 9, 2026.
• Disclosure Note: The company did not file a material change report more than 21 days prior to closing because details were not settled until shortly before the expected closing date, citing a desire to close on an expedited basis for business reasons.

Notable Quotes

• None provided in the text.