Novateqni in shares for debt settlement with CEO
08 November 2017 15:19 GMT

Biometrics firm NovaTeqni Corporation has reached an agreement with Gerhard Mynhardt, the Company’s CEO and largest shareholder.

The agreement involved a $380,302 loan advanced to the company.

Myhardt has agreed to accept 2,535,347 common shares in the capital of NovaTeqni at a deemed value of $0.15 per share in lieu of the repayment of the above-noted loan. 

Mynhardt is currently the beneficial owner of 41.6 percent of NovaTeqni’s outstanding common shares.  Assuming the closing of the shares for debt settlement, Mynhardt would be the beneficial owner of 45.9 percent of NovaTeqni’s outstanding common shares.