CALGARY, AB / ACCESSWIRE / February 4, 2019 / Further to the press release dated May 29, 2018, Emerald Bay Energy Inc. (TSX Venture: EBY, OTC: EMBYF) (the "Corporation", the "Company" or "Emerald Bay") is pleased to announce that it has received final approval from the TSX Venture Exchange and has settled all amounts owing in connection with two separate loan/credit arrangements previously provided to the Corporation by Hillcrest Investments Ltd., a company controlled by Clarence Wagenaar (who currently controls, directly and indirectly, 10.43% of the outstanding common shares of the Corporation) via the issuance of an aggregate of 18,493,178 common shares of the Corporation at a price of $0.05 per share. The aggregate debt amounts settled is equal to $924,658.90, being the aggregate balance of the principal amounts owing on the two separate loan/credit arrangements between the parties plus all applicable interest. Mr. Wagenaar controls, directly and indirectly, an aggregate 31,537,000 common shares of the Corporation, or 10.43% of the outstanding common shares of the Corporation.
All of the foregoing common shares are subject to a statutory four-month hold period in accordance with applicable securities laws.
The settlement of the debt with Mr. Wagenaar's company may be considered a "Related Party Transactions" under Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions, however the Corporation will rely upon available exemptions from the minority shareholder approval and valuation requirements set forth in that Instrument (the fair market value of this transaction/consideration received/debt amount is less than 25% of the Corporation's market capitalization (exemptions found in sections 5.5(a) and 5.7(1)(a) of Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions)). The actions disclosed herein were approved by the board of directors of Emerald Bay via written resolution, signed and approved by all directors.
About Emerald Bay
Emerald Bay Energy Inc. (TSX Venture: EBY, OTC: EMBYF) is an energy company with oil producing properties in southwest Texas as well as non-operated oil and natural gas interests in Central Alberta, Canada. EBY is the operator of the Wooden Horse and Nash Creek Projects in Guadeloupe, Texas, where the Company currently now owns a 50.00% working interest those projects. Additionally, the Company owns various working interests in the HugoCellR and MarPat partnerships. The Company also owns 75% of Production Resources Inc., a South Texas oil company.
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SOURCE: Emerald Bay Energy Inc.
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https://www.accesswire.com/534431/Emerald-Bay-Energy-Settles-92465890-of-Debt-at-005-Per-Share
