Nepra Foods Completes Debt Conversion to Improve Financial Position

Nepra Foods Inc., headquartered in Vancouver, has finalized a debt conversion transaction with William Hogan, its CEO and largest shareholder. The transaction transformed USD$487,849.10 in debt into 6,969,273 common shares of the company. This move, part of a strategic effort to stabilize Nepra Foods' finances, was executed under specific regulatory guidelines.

The common shares issued under this transaction are subject to a statutory hold period as per securities legislation. They are not registered under the United States Securities Act and thus, have restrictions concerning their offer or sale in the U.S. The transaction is considered a related party transaction, aligning with Multilateral Instrument 61-101 regulations, given Hogan's insider status.

The conversion aims to rectify Nepra Foods' financial difficulties, a necessity determined by the company's independent directors. This step did not require a formal valuation or minority approval, as it seeks to bolster the company's financial health.