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Toronto, Ontario – (Newsfile Corp. – January 11, 2022) – Green Environmental Technologies Inc. (the “Society“) reports that Mr. Dominique Monardo advanced $ 20,000 to the Company on July 12, 2021 and $ 36,286 on December 31, 2021 in order to revive the Company. The loan is unsecured, non-interest bearing and non-convertible, with no terms of repayment except repayment in Canadian dollars at any future date.In addition, Mr. Monardo advanced $ 2,021 at various dates in May and June 2021 as well as $ 4,800 in August 2021 in order to pay expenses related to the relaunch of the Company.
As at December 31, 2021, the advances total $ 63,107.
Mr. Monardo is a related party of the Company. The execution of the loan advance is a “related party transaction” for the purposes of Multilateral Instrument 61-101- Protection of holders of minority securities in special transactions (“MI 61-101”). The Company avails itself of the exemptions from the formal assessment and minority shareholder approval requirements available under NI 61-101. The Company is exempt from the formal valuation requirement of section 5.4 of MI 61-101 under section 5.5 (b) of MI 61-101, as the Company is not listed on a specified market. In addition, the Company is exempt from the minority shareholder approval requirement set out in section 5.6 of MI 61-101 under section 5.7 (e) of MI 61-101, as the Company is suffering from financial difficulties.
The financing was approved and ratified by the Board of Directors in accordance with a resolution of the directors dated January 11, 2022. The Company did not have a formal process for the review and approval of the transaction. Due to the size of the Company and the financial difficulties, the directors unanimously approved the transaction after discussion. The Board of Directors also approved all additional funds needed for the relaunch process up to $ 150,000, which includes amounts previously advanced.
The purpose and intended effect of these loans was to pay for the filing of all outstanding continuous disclosure documents and relevant regulatory fines.
The Company must send a copy of any material change report it has prepared in respect of the transaction to any holder of the Company’s securities upon request and without charge.
The Company has filed a separate material change report on SEDAR.
For more information please contact:
Green Environmental Technologies Inc.
Dominique Monardo, CEO
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/109765