Composite Announces Issuance of Debentures
Calgary, Alberta--(Newsfile Corp. - July 22, 2019) - Composite Alliance Group Inc. (formerly CanAsia Financial Inc.) (TSXV: CAG) (the "Company") announces that, further to its press release dated June 25, 2019, it has completed a non-brokered private placement of unsecured debentures (the "Debentures") in the principal amount of $400,000. The Debentures accrue interest at 5% per year, mature January 31, 2021, and are payable at any time by the Company without penalty. The Company may issue additional Debentures in tranches totalling up to an aggregate of $600,000.
The proceeds from the sale of the Debentures will be used to pay outstanding and ongoing expenses to maintain the Company's status as a reporting issuer listed on the TSX Venture Exchange, and to pay the remaining expenses associated with the takeover of Techni Modul Engineering S.A. The Debentures are subject to a four month hold period from the date of issuance. This is a non-arm's length transaction as the subscriber to the Debentures is Team Alpha Limited, an entity controlled by Jim Hsieh, a director, officer and shareholder of the Company.
For further information, please contact Dale Burstall, Corporate Secretary and Director, via email at email@example.com.
Forward Looking Statements
This news release may contain certain forward-looking information and statements, including without limitation, statements pertaining to the issuance of additional tranches of the Debentures and the use of the proceeds from the sale of the Debentures. Statements containing the words: 'believes', 'intends', 'expects', 'plans', 'seeks' and 'anticipates' and any other words of similar meaning are forward-looking. All statements included herein involve various risks and uncertainties because they relate to future events and circumstances beyond the Company's control. There can be no assurance that such information will prove to be accurate, and actual results and future events could differ materially from those anticipated in such information. A description of assumptions used to develop such forward-looking information and a description of risk factors that may cause actual results to differ materially from forward-looking information can be found in the Company's disclosure documents on the SEDAR website at www.sedar.com. Any forward-looking statements are made as of the date of this press release and the Company does not undertake to update any forward-looking information except in accordance with applicable securities laws.
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 news release.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/46399