UGE Announces Proposed Debt to Equity Conversion
February 8, 2016 -- NEW YORK, NY --UGE International Ltd. (the "Company" or "UGE") (www.ugei.com) (TSX VENTURE: UG) (OTCQB: UGEIF), announced today that the Company agreed to issue 1,240,907 common shares of the Company in settlement of related party debt of $694,908 Canadian Dollars, based on a conversion price of $0.56 per share. The Company had previously announced a proposed debt to equity conversion on January 5, 2016, which has since been amended to these terms.
The Company expects to close the debt to equity conversion on or about February 10, 2016. Completion of the conversion is subject to the approval of the TSX Venture Exchange. All of the securities issuable in connection with the transaction will be subject to a hold period ending four months and one day after the closing date.
"As we continue to grow, this transaction is an important step in strengthening our balance sheet ahead of a strong 2016. Our debtor sees strong future growth in UGE, and this debt to equity conversion shows their long term investment in UGE," said Nick Blitterswyk, CEO of UGE.
Filing of Amended Management's Discussion and Analysis ("MD&A")
The Company would also like to announce that it has re-filed an amended MD&A for the interim period ended September 30, 2015. The only change to the document was the addition of a brief paragraph explaining the use of certain non-IFRS measures. None of the numbers in the MD&A or in the interim financial statements have changed.