TORONTO, May 24, 2019 (GLOBE NEWSWIRE) -- The Estate of Ian M.T. McAvity (the "Estate"), Toronto, Ontario, announced today that it disposed of 1,006,630 common shares ("Common Shares") of Duncan Park Holdings Corporation (the "Company") at a deemed price of approximately $0.06 per share to certain investors, including certain subscribers to the Company's October 2018 private placement of debentures (the "Share Purchase Transaction").
The Estate acquired the 1,006,630 Common Shares (the "Debt Settlement Shares") on May 14, 2019 as part of a debt settlement transaction with the Company. Pursuant to the Share Purchase Transaction, the Estate disposed of all of the Debt Settlement Shares, at a price equal to 20% of the aggregate debt of $301,991.05 or $60,398.21 (approx. $0.06 per share), which it was owed by the Company.
Prior to the completion of the Share Purchase Transaction, the Estate held 1,006,630 Common Shares, representing approximately 21.82% of the issued and outstanding Common Shares. In connection with the Share Purchase Transaction, the Estate disposed of all of the 1,006,630 Common Shares and currently holds no Common Shares of the Company.
The Estate disposed of the Debt Settlement Shares in order to monetize the Common Shares it acquired in settlement of the $301,991.05 debt owed to it by the Company. The Estate entered into the Debt Settlement Transaction and Share Purchase Transaction in connection with the windup of an estate. The Estate has no current intention to acquire securities of the Issuer.
For further information or a copy of the early warning report related to this matter, please contact:
Geoffrey Heward
Estate Trustee
Tel: (514) 788-0512
Email: gheward@heward.com