TORONTO, May 14, 2019 (GLOBE NEWSWIRE) -- The Estate of Ian M.T. McAvity (the "Estate "), Toronto, Ontario, announced today that it acquired 1,006,630 common shares ("Common Shares") of Duncan Park Holdings Corporation (the "Company") at a deemed price of $0.30 as payment for certain loan debt owed by the Company to the Estate. The amount owed to the Estate was $301,991.05 (principal of $250,000 plus accrued interest of $49,613.70). The Common Shares were issued as part of a debt settlement transaction (the "Debt Settlement Transaction") whereby the Company issued an aggregate of 1,462,178 Common Shares, including the 1,006,630 Common Shares issued to the Estate with the balance of the other Common Shares issued to another creditor of the Company.
The Estate held no Common Shares immediately prior to the completion of the Debt Settlement Transaction. As a result of the issuance of 1,006,630 Common Shares to the Estate, the Estate held 1,006,630 Common Shares, representing approximately 21.82% of the issued and outstanding Common Shares.
Following the issuance of the 1,006,630 Common Shares to the Estate, pursuant to the Debt Settlement Transaction, the Estate, in turn, intends to dispose of all of these Common Shares, at a price equal to 20% of the aggregate debt of $301,991.05 or $60,398.21 (approx. $0.06 per share), to certain investors, including certain subscribers to the Issuer's October 2018 private placement of debentures (the "Share Purchase Transaction").
Following the intended disposition of the 1,006,630 Common Shares, pursuant to the Share Purchase Transaction, the Estate would hold no Common Shares.
The Estate acquired (and intends to subsequently dispose of) the 1,006,630 Common Shares in order to settle (and monetize its debt settlement) the $301,991.05 debt owed to the Estate by the Company. The Estate entered into the Debt Settlement Transaction and Share Purchase Transaction in connection with the windup of an estate. The Estate has no current intention to acquire securities of the Issuer.
For further information or a copy of the early warning report related to this matter, please contact:
Geoffrey Heward
Estate Trustee
Tel: (514) 788-0512
Email: gheward@heward.com