SOL GLOBAL ISSUES SHARES TO REDUCE INDEBTEDNESS - SOL Global Investments (OTC:SOLCF) - Benzinga | Florida Dispensaries

SOL GLOBAL ISSUES SHARES TO REDUCE INDEBTEDNESS – SOL Global Investments (OTC:SOLCF) – Benzinga

TORONTO, Sept. 20, 2022 /CNW/ – SOL Global Investments Corp. (the “Company” or “SOL Global”) SOL (OTCQ SOLCF) (Frankfurt: 9SB) announces that on Tuesday, September 20, 2022, it issued 4,788,852 common shares (the “Settlement Shares”) of SOL Global (“Common Shares”) at a deemed issue price equal to the volume weighted average price of the Common Shares on the Canadian Securities Exchange (the “CSE”) for the 15-trading day period ending September 19, 2022, being $0.38 per Common Share, to reduce an aggregate of $1,819,763.76 in indebtedness of the Company (the “Share Settlement”).

The Settlement Shares issued in the Share Settlement reduced debt to the Company’s former CEO, Andrew DeFrancesco, in accordance with the terms of a settlement agreement dated April 25, 2022 (the “Settlement Agreement”) and previously announced on April 25, 2022. Pursuant to the Settlement Agreement, the former CEO became entitled to a bonus payment of $1,819,763.76 (the “Bonus Payment”), among other amounts owing to him under the Settlement Agreement, which Mr. DeFrancesco has agreed to convert to Common Shares registered as directed by Mr. DeFrancesco. The Share Settlement will allow the Company’s available cash to be utilized for further debt reduction, working capital and for the purpose of building the Company’s existing

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