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Nov. 26, 2012 /PRNewswire/ - Asantae Holdings International Inc. (TSX-V: JVA; OTC PINK: ASNHF) (the "Company") announces that it has entered into debt settlement agreements with certain non-arm's length parties whereby the Company intends to issue an aggregate of 537,500 common shares at a deemed price of
$0.30 per share to settle
$161,250 of outstanding debt. The outstanding debt consists of
$61,600 owed to Gainey Consultants, Inc., a company owned by
John Reynolds, the Company's Chairman and Director, and
$99,650 owed to Two Kings, LLC, a company owned by
Daniel Lundell, the Company's CEO, COO and Director.
All the shares issued in connection with the debt settlements will be subject to a statutory hold period of four months plus a day from the date of issuance in accordance with applicable securities legislation.
In addition, Asantae issued 150,000 stock options to certain consultants of the Company for fiscal advisory services. Each option is exercisable into one common share of the Company (each, a "Share") at a price of
$0.15 per Share for a period of 5 years. Stock option grants are subject to the terms and conditions of the Company's Stock Option Plan and the approval of the TSX Venture Exchange.
Closing of the debt settlements is subject to a number of conditions, including receipt of all necessary corporate and regulatory approvals, including the TSX Venture Exchange.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.About Asantae Asantae Holdings International Inc. (
www.asantae.com) is a producer and marketer of innovative nutritional products through a network of independent distributors (Asantae Independent Affiliates). Asantae's flagship product RealW8™ addresses the primary threat to public health in the industrialized world; overweight and obesity. Asantae's approach to this threat is based on a body of research related to the brain chemistry of addiction, chronic low-grade inflammation and oxidative stresses which, according to scientific and medical research, are the underlying conditions for most modern epidemic diseases (obesity, heart disease, diabetes, stroke, some cancers, etc.). According to Market data Enterprises, Inc., the U.S. weight loss market alone is estimated at
$60.9 billion per year.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.