VANCOUVER, British Columbia,
April 12, 2019 /CNW/ -- ParcelPal
Technology Inc. ("ParcelPal" or the "Company"), (PKG: CSE) (FSE:
PT0) (OTC: PTNYF) - announces that it has arranged a shares for
debt settlement (the "Debt Settlement") with certain directors and
officers of the Company for services provided to the company from
January to March 2019.
Pursuant to the Debt Settlement, the Company will issue a total
of 171,427 common shares (the "Debt Shares") at a deemed price of
$0.35 per Debt Share in settlement of
the indebtedness to the Creditors in aggregate amount of
$60,000.
The issuance of the Debt Shares will not result in the creation
of any new control person. The Debt Shares will be subject to
a four month plus 1 day hold period.
The above transaction contemplates a related party transaction
as shares are issued to directors and officers of the
Company. The Company is relying on an exemption under
Multilateral Instrument 61-101 on the basis that participation by
insiders does not exceed 25% of the fair market value of the
Company's market capitalization.
About ParcelPal Technology Inc.
ParcelPal is a technology driven logistics company that connects
consumers to the goods they love. Customers can shop at partner
businesses and through the ParcelPal technology receive their
purchased goods within an hour. The Company offers on-demand
delivery of merchandise from leading retailers, restaurants,
medical marijuana dispensaries and liquor stores in Vancouver and soon in major cities
Canada-wide.
ParcelPal Website: www.parcelpal.com
The Canadian Securities Exchange ("CSE") or any other securities
regulatory authority has not reviewed and does not accept
responsibility for the adequacy or accuracy of this news release
that has been prepared by management.
CSE – Symbol: PKG
FSE – Symbol: PT0
OTC –
Symbol: PTNYF
Contact: Peter Hinam,
Director, ParcelPal Technology Inc. – +1-604-710-8331
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content:http://www.prnewswire.com/news-releases/parcelpal-to-issue-shares-for-debt-300831347.html
SOURCE ParcelPal Technology Inc.