TORONTO, ONTARIO--(Marketwired - March 3, 2017) - Michael Stein (the "Shareholder") announced today that, his wholly-owned holding company, WFE Investments Inc. ("WFE"), agreed to settle an aggregate amount of $305,258.40 in various loans and interest owing by Danbel Ventures Inc. (the "Company") to the Shareholder in exchange for the issuance of 5,500,000 common shares (the "Settlement Shares") of the Company at a price of $0.0555 per Settlement Share pursuant to a debt settlement agreement dated March 3, 2017 (the "Debt Settlement").
Prior to the Debt Settlement, the Shareholder owned directly and indirectly 2,648,881 common shares of the Company representing approximately 43.9% of the outstanding common shares of the Company.
Following the Debt Settlement, the Shareholder through WFE, sold 2,413,336 common shares of the Company at an aggregate amount of $65,642.74 (or $0.0272 per share)(the "Share Sale").
Following the Share Sale and Debt Settlement, the Shareholder has ownership or control over 5,735,545 common shares of the Company, representing approximately 49.6% of the outstanding common shares of the Company.
The Shareholder may from time to time, increase or decrease his ownership of securities of the Company depending upon future market conditions.