NEWS RELEASE | Friday, November 3rd, 2017
The directors and management of Cerus Energy Group Ltd. (“Cerus” or “the Company”) wishes to announce that the company has entered into eight debt settlement agreements dated January 12, 2017 in order to settle an additional $1,698,325.20 in outstanding debt through the issuance of 13,046,040 Cerus Energy Group common shares at deemed prices of $0.13 per share.
This announcement amends the earlier announcement of January 16th, 2017 for amended price of shares and the number of shares to be issued. These shares for debt settlements will replace the shares for debt settle-ments that were previously announced December 7th, 2015 as those settlements were never finalized after the announcement and no shares were issued.
The Company elected to complete the new debt settlement in light of its current working capital position and in order to preserve cash to fund the development of its ongoing projects. Any shares issued in connection with the debt settlement will be issued in reliance on certain prospectus and registration exemptions under applicable securities legislation and will be subject to a hold period of four months and a day. The completion of the debt settlement remains subject to the receipt of all necessary regulatory approvals, including the approval of the TSX Venture Exchange.