TSXV: CHIP.H
CALGARY, AB, Nov. 5, 2021
/CNW/ - Health Logic Interactive Inc. ("Health
Logic" or the "Company") (TSXV: CHIP.H) (OTCPK:
CHYPF), is pleased to announce that the Company has completed
its previously announced shares for debt transaction to settle an
aggregate of $178,860.34 in trade
payables owed to directors, insiders and consultants (together "the
Group") of the Company and its wholly-owned subsidiary, My
Health Logic Inc., into common shares in the capital of the Company
(the "Settlement Shares") for services rendered by the
Consultants up to June 2021 (the
"Debt Settlement").
Following receipt of final acceptance from the TSX Venture
Exchange ("TSXV") for the Debt Settlement, the Company
issued 894,301 Settlement Shares to the Group at a deemed price of
$0.20 per Settlement Share. The
Settlement Shares were issued in reliance on certain prospectus
exemptions available under Canadian securities legislation and are
subject to a four month and one day statutory hold period, which
will expire on February 3, 2022.
As 654,301 of the Settlement Shares were issued to officers,
directors and insiders of the Company, the Debt Settlement
constituted a "related party transaction" pursuant to
Multilateral Instrument 61-101 – Protection of Minority Security
Holders in Special Transactions ("MI 61-101"). The
Company relied on exemptions from the formal valuation and minority
approval requirements of MI 61-101 (pursuant to subsections 5.5(a)
and 5.7(a)) as the fair market value of the securities distributed
to, and the consideration received from, the related party did not
exceed 25% of the Company's market capitalization. The Debt
Settlement was approved by all of the directors of the Company.
About the Company
Health Logic Interactive, through its wholly owned operating
subsidiary My Health Logic, is developing and commercializing
consumer focused handheld point-of-care diagnostic devices that
connect to patient's smartphones and digital continued care
platforms. The Company plans to use its patent pending lab-on-chip
technology to provide rapid results and facilitate the transfer of
that data from the diagnostic device to the patient's smartphone.
The Company expects this data collection will allow it to better
assess patient risk profiles and provide better patient outcomes.
Our mission is to empower people with the ability to get early
detection anytime, anywhere with actionable digital management for
chronic kidney disease. For more information visit us
at: www.healthlogicinteractive.com
Further information regarding Health Logic Interactive Inc. and
its disclosure documents are available on SEDAR at
www.sedar.com.
Neither the TSXV nor its regulation services provider (as
that term is defined in the policies of the TSXV) accepts
responsibility for the adequacy or accuracy of this
release.
Cautionary Notes
Certain statements contained in this press release constitute
"forward-looking statements". All statements other than statements
of historical fact contained in this press release, including,
without limitation, the Company's strategy, plans, objectives,
goals and targets, and any statements preceded by, followed by or
that include the words "believe", "expect", "aim", "intend",
"plan", "continue", "will", "may", "would", "anticipate",
"estimate", "forecast", "predict", "project", "seek", "should" or
similar expressions or the negative thereof, are forward-looking
statements. These statements are not historical facts but instead
represent only the Company's expectations, estimates and
projections regarding future events. These statements are not
guarantees of future performance and involve assumptions, risks and
uncertainties that are difficult to predict. Therefore, actual
results may differ materially from what is expressed, implied or
forecasted in such forward-looking statements. Additional factors
that could cause actual results, performance or achievements to
differ materially include, but are not limited to the risk factors
discussed in the Company's Management's Discussion and Analysis for
the three and six months ended June 30, 2021. Management
provides forward-looking statements because it believes they
provide useful information to investors when considering their
investment objectives and cautions investors not to place undue
reliance on forward-looking information. Consequently, all of the
forward-looking statements made in this press release are qualified
by these cautionary statements and other cautionary statements or
factors contained herein, and there can be no assurance that the
actual results or developments will be realized or, even if
substantially realized, that they will have the expected
consequences to, or effects on, the Company. These forward-looking
statements are made as of the date of this press release and the
Company assumes no obligation to update or revise them to reflect
subsequent information, events or circumstances or otherwise,
except as required by law.
SOURCE Health Logic Interactive Inc.