Intelimax Media, Inc. wishes to announce that the Company has negotiated debt settlements with certain of its creditors, including two directors of the Company, in relation to an aggregate of $135,900 in debt owed to the creditors.
Under the terms of debt settlement agreements, the Company proposes to issue an aggregate of 2,718,000 units on the same terms as its current private placement. Each unit, which will be issued to the creditors at a deemed price of $0.05/unit, will be comprised of one share and one two year warrant, with each warrant entitling the holder thereof to purchase one common share of the Company at a price of $0.10/share in the first year and $0.15/share in the second year. The securities, when issued, will be subject to a 4 month hold period.
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