Toronto, Ontario--(Newsfile Corp. - April 30, 2026) - Steep Hill Inc. (CSE: STPH) ("Steep Hill" or the "Company") announces that it intends to settle an aggregate of $79,278.00 of indebtedness to a non-arm's length creditors of the Company through the issuance of 1,321,300 common shares in the capital of the Company (the "Common Shares") at a price of $0.06 per Common Share (the "Debt Settlement"). The Common Shares issued pursuant to the Debt Settlement shall be subject to a four-month hold period and completion of the transaction remains subject to final acceptance of the Canadian Securities Exchange.
The Debt Settlement is constituted "related party transactions" as defined in Multilateral Instrument 61-101 - Protection of Minority Securityholders in Special Transactions ("MI 61-101"), as insiders of the Company will receive an aggregate of 1,321,300 Common Shares. The Company is relying on the exemptions from the valuation and minority shareholder approval requirements of MI 61-101 contained in sections 5.5(b) and 5.7(1)(a) of MI 61-101, as the Company is not listed on a specified market and the fair market value of the participation in the Offering by insiders does not exceed 25% of the market capitalization of the Company in accordance with MI 61-101.
About the Company
Steep Hill Inc. is a publicly traded company listed on the Canadian Securities Exchange that has no current operations and is focused on seeking and evaluating potential transactions.
For more information, contact:
Sameet Kanade, CEO
Email: sameet.kanade@steephill.com www.steephill.com
Tel: 647-876-6525
Cautionary Note Regarding Forward-Looking Statements
Certain information contained herein may constitute forward-looking statements that involve risks and uncertainties. Readers are cautioned not to place undue reliance on forward-looking statements, including, but not limited to, statements regarding the anticipated completion of the transactions described herein, including the Transaction and the proposed related Consolidation and Name Change. Factors that could cause actual results to vary from forward-looking statements or may affect the operations, performance, development, and results of the Company's business include, among other things: failure to obtain the approvals required in order to complete the transactions described herein; failure by either the Company or Good Purpose to complete the conditions to the Transaction; and general economic and business conditions. Any statements that are not statements of historical fact are deemed to be forward-looking statements. The forward-looking statements contained in this news release are made as of the date of this news release, and, except to the extent required by applicable law, the Company assumes no obligation to update or revise forward-looking statements made herein or otherwise, whether because of new information, future events, or otherwise. The forward-looking statements contained in this news release are expressly qualified by this cautionary note.
The Canadian Securities Exchange (CSE) has not reviewed, approved, or disapproved the contents of this press release.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/295274
Source: Steep Hill Inc.
