FutureGen Industries Announces Shares for Debt Settlement

Executive Summary

• FutureGen Industries entered into a debt settlement agreement with a company director, issuing 100,800 common shares at a deemed price of $0.25 per share to settle $25,200 of outstanding indebtedness.
• The transaction is classified as a related‑party transaction under MI 61‑101 and relies on exemption thresholds (both consideration and fair market value are below 25% of market capitalization).
• Settlement is subject to TSX Venture Exchange approval; no material change report was filed prior to closing due to timing constraints.

Key Details

• Settlement Structure: Issue of 100,800 common shares at $0.25 per share (deemed price) to settle $25,200 debt owed to the director (“Creditor”).
• Related Party Transaction: Covered by MI 61‑101; exemptions invoked under sections 5.5(a) and 5.7(1)(a) because neither the fair market value of the shares nor the consideration exceeds 25% of FutureGen’s market cap.
• Regulatory Approval: Settlement pending approval from the TSX Venture Exchange.
• Reporting Note: No material change report filed >21 days before expected closing, as details were finalized shortly before settlement and an expedited close was desired.
• Use of Shares: Shares issued solely to satisfy the creditor’s outstanding indebtedness; no cash proceeds generated.

Notable Quotes

(No executive quotes provided in the release.)