VANCOUVER, BC--(Marketwired - March 03, 2017) - Movit Media Corp. (TSX VENTURE: MV) (the "Company") wishes to announce that it has reached an agreement with a number of unsecured creditors of the Company to convert their indebtedness, consisting of debts related to services rendered and/or loans extended to the Company, into units (the "Debt Units") of the Company (the "Debt Conversion Placement").
The Company will convert the outstanding indebtedness into Debt Units at the rate of one (1) Debt Unit for each $0.105 of debt. Each Debt Unit will consist of one (1) common share. No fractional Debt Units will be issued. Closing is subject to the approval of the TSX Venture Exchange. The aggregate amount to be converted will be $394,834 resulting in an expected issuance of 3,760,324 Debt Units. After giving effect to the Debt Conversion Placement, the issued and outstanding capital of the Company is expected to be 5,948,616. No control blocks or insiders will be created.
In accordance with applicable securities legislation, all Debt Units will be subject to a hold period of four months plus one day from the date of closing.
As a result of the Debt Conversion Placement, the Company's liabilities will only be composed of current operational liabilities.
ON BEHALF OF THE BOARD
"Stephen D. Inouye"
Forward Looking Statements
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of the release.
FOR FURTHER INFORMATION PLEASE CONTACT:
Stephen D. Inouye