Esrey Energy Ltd. (TSXV: EEL.V) settled a debt of US$2,636,363 that was owed by Kaynes Capital S.a.r.l., its wholly owned subsidiary, the company said April 28.
The amount came from nonrevolving credit facilities that Kaynes Capital owed to arm’s length creditors, Esrey Energy added.
The debt was settled to the creditors when Esrey Energy issued 10,943,396 of its common shares at about 26 cents each, the company added, noting that this transaction has closed.
Additionally, the company received TSX Venture Exchange approval regarding the settlement, Esrey Energy said.
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