CleanGo Innovations Inc. Announces Debt Settlement

Executive Summary

• CleanGo Innovations entered into debt settlement agreements to extinguish $308,801 of indebtedness by issuing 686,223 common shares at a deemed price of $0.45 per share.
• An additional 519,557 shares will be issued to directors and officers as payment for unpaid services, constituting a related‑party transaction exempt from minority‑shareholder approval under MI 61‑101.
• All newly issued shares are subject to a four‑month‑plus hold period; the settlement is conditional on customary closing conditions and regulatory approvals (including CSE).

Key Details

• Total Debt Settled: $308,801.
• Total Shares Issued for Debt Settlement: 686,223 common shares at a deemed price of $0.45 per share.
• Insider Issuances: 519,557 common shares issued to directors and officers in settlement of unpaid service amounts.
• Related‑Party Transaction: Qualifies under MI 61‑101; exemption relied upon because fair market value does not exceed 25% of CleanGo’s market capitalization.
• Hold Period: All shares issued pursuant to the debt settlement are subject to a hold period of four months and one day from issuance, per Canadian securities law requirements.
• Closing Conditions: Completion contingent on satisfaction of customary closing conditions and receipt of all required regulatory approvals, including approval by the Canadian Securities Exchange (CSE).

Notable Quotes

• “The Debt Settlement is intended to improve the Company’s working capital position and support its ongoing business activities.” – Anthony Sarvucci, CEO & Board of Directors.