Toronto, Ontario--(Newsfile Corp. - September 20, 2018) - Added Capital Inc. (TSXV: AAD) ("Added" or the "Company") announces that the cease trade order issued on August 3, 2018 by the Ontario Securities Commission has been revoked and the Company's shares will be reinstated to trading on the TSX Venture Exchange (the "Exchange") on Tuesday, September 25, 2018.
Further to the Exchange's review, the Company has been notified that it does not meet Continued Listing Requirements in accordance to Exchange Policy 2.5. The Exchange has given the Company 90 day notice to remedy the deficiencies or alternatively be transferred to NEX.
Accordingly, the Company is examining potential M&A transactions and potential financings to be carried out within the 90 day period.
The Company shows $2 million in debt as of March 31, 2018. However, as a practical matter none of the debt is owing with the exception of one or two small accounts payable, one of which is for $7,000.
The reason for this is that there are three main lenders, one of whom is owed $500,000, another who is owed $200,000 and Vic Alboini who is owed $343,000. All three lenders have agreed there is no maturity date on their respective loans. In addition, the three lenders have agreed that all historic interest and future interest is waived. Therefore these loans are payable at the discretion of the Company.
There are also $525,000 in statute-barred accounts payable. These accounts payable are not payable because no payments have been made for the past two years and, in most cases, the past five years. That leaves accounts payable of approximately $400,000. Again, none of these payables will be paid with the exception of one of the payables, the one for approximately $7,000. Therefore, of the $2 million in notional debt posted on the Company's balance sheet, no significant debt is due and payable as a practical matter.
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 this release.
About Added Capital Inc.
Added Capital Inc. is a Toronto-based financial advisory firm and merchant bank focused on small cap and microcap public companies and private companies, with a specialization in mergers and acquisitions, merchant banking investments and financial restructurings.
For additional information on this press release, please contact:
Vic Alboini, Chairman & Chief Executive Officer
Added Capital Inc.