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Novateqni CEO accepts shares in lieu of loan repayment

NovaTeqni Corporation has reached an agreement with the company’s CEO and largest shareholder, Gerhard Mynhardt, regarding a $380,302 loan advanced to the biometrics and secure payment technologies firm.

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.

Assuming the closing of the shares for debt settlement, Mynhardt would own 45.9 percent of NovaTeqni’s outstanding common shares.

The closing of the debt settlement is subject to the approval of the TSX Venture Exchange and all common shares issued to Mr. Mynhardt will be subject to a hold period of four months.

In an October corporate update, the company announced it has been reviewing blockchain technologies that would contribute to the company’s existing business verticals.

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