Valdor Technology issues shares for debt

Valdor Technology International Inc (CSE:VTI, FRA:VZAB) has entered into a debt settlement agreement with an arm’s-length creditor to settle $80,000 in outstanding debt by issuing 80,000 common shares at a deemed price of $1 per share.

The shares will be subject to a four-month-and-one-day hold period under National Instrument 45-106.

The company said its board approved the transaction to preserve cash and maintain working capital while satisfying the debt obligation.