Mr. Chris Buncic reports
MORUMBI RESOURCES COMPLETES SHARES FOR DEBT PRIVATE PLACEMENT
Morumbi Resources Inc., further to the company's news release dated Aug. 19, 2014, has completed its shares-for-debt private placement to settle aggregate total debt of $171,403 owing to certain directors, officers, consultants and arm's-length parties. Under the debt settlement, the company issued an aggregate of 3,428,060 common shares of the company at a deemed price of five cents per share.
An aggregate of 2.16 million shares were issued in settlement of $108,000 of outstanding debt owing to certain directors, employees and consultants of the company. The settlement with such directors, employees and consultants constitutes a related-party transaction pursuant to Multilateral Instrument 61-101, protection of minority securityholders in special transactions. The company was exempt from the formal valuation and minority approval requirements of MI 61-101 in reliance on Section 5.5(b) and Section 5.7(b), respectively, of MI 61-101.
All shares issued under the private placement are subject to a hold period expiring on Jan. 26, 2015.
We seek Safe Harbor.
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