Octant Energy Corp. (OEL.V) has entered into debt settlement agreements to settle outstanding payables and management fees, for the aggregate settlement amount of $182,291.69, through the issuance of an aggregate of 1,822,916 common shares in the capital of the company at a price of $0.10 per common share.
Included in the amounts settled are $46,669 payable to the President and CEO of the Company and $135,622 payable to Silvercup Operations, a corporation controlled by Richard Schmitt. The debt settlement is subject to disinterested shareholder approval to be sought at the shareholder meeting to be held on, or about, May 29, 2013.
The company also announced the appointment of Barry (Bahman) Sadrehashemi as Chief Financial Officer effective March 11, 2013.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
