Inkas Security Services Ltd. Announces Settlement of Outstanding Obligations Owed By 3 Sixty Risk Solutions Ltd.
Toronto, Ontario--(Newsfile Corp. - April 20, 2020) - This press release is being disseminated as required by National Instrument 62-103 - The Early Warning System and Related Take Over Bids and Insider Reporting Issues in connection with the issuance of securities of 3 Sixty Risk Solutions Ltd. (the "Issuer") (CSE: SAFE) to INKAS Security Services Ltd. ("ISSL").
On April 17, 2020, ISSL received 29,300,198 common shares of the Issuer ("Common Shares") that were issued from the treasury of the Issuer (the "Additional Common Shares") pursuant to a settlement agreement and related settlement of debt between the Issuer and ISSL. The Additional Common Shares represent approximately 15.95% of the issued and outstanding Common Shares of the Issuer following such issuance. Prior to the issuance of the Additional Common Shares, ISSL owned or had control or direction over 7,400,000 Common Shares (the "Existing Common Shares"), representing approximately 4.79% of the issued and outstanding Common Shares of the Issuer. Combined, the Additional Common Shares (29,300,198 Common Shares) and Existing Common Shares (7,400,000 Common Shares) represent approximately 19.98% of the issued and outstanding Common Shares of the Issuer following the issuance of the Additional Common Shares.
ISSL received the Additional Common Shares from the treasury of the Issuer pursuant to a settlement agreement and related settlement of a $1,465,009.90 debt between the Issuer and ISSL. The Additional Common Shares were valued at CAD$0.05/Common Share in connection with the settlement of such debt between ISSL and the Issuer.
ISSL intends to hold the Additional Common Shares (and the Existing Common Shares) for investment purposes. Subject to the rules of the Canadian Securities Exchange and applicable securities laws, ISSL may, depending on market and other conditions, increase, decrease or change its beneficial ownership over the Common Shares or other securities of the Issuer through market transactions, private agreements, treasury issuances or otherwise.
A copy of the early warning report will be filed by ISSL in connection with the foregoing and will be available on SEDAR under the Issuer's profile.
For further information or a copy of the press release or the corresponding early warning report: INKAS Security Services Ltd. c/o David Khazanski, 3605 Weston Rd, North York, ON M9L 1V7, (416) 744 3322.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/54655