Eve & Co Incorporated (TSXV:EVE) (OTCQX:EEVVF) has closed its previously announced shares for debt transaction whereby it settled $657,000 in payables owed to certain directors, officers, employees, and debentureholders related to expenses, loans, and services rendered to the company up to January 2022 in exchange for an aggregate of 5.19 million of its shares. The company issued the settlement shares to settle the payables in order to preserve cash for general working capital purposes.
Pursuant to the transaction, the company has issued an aggregate of 908,677 settlement shares at a deemed issuance price of $0.12 per settlement share in full and final satisfaction of $109,041 of certain directors' fees and salaries and an aggregate of 4.28 million settlement shares at a deemed issuance price of $0.128 per settlement share in full and final satisfaction of $547,959 owed to the holders of the company's outstanding 10% unsecured convertible debentures that were issued on December 11, 2020.

Insiders of the company received 1.92 million settlement shares in settlement of $242,500 of debt. 

The settlement of the payables has been approved by all of the independent directors of the company and the TSX Venture Exchange.

All securities issued pursuant to the transaction will be subject to statutory and TSXV hold periods until June 18, 2022, being the date that is four months and one day from the date of issuance.