Icarus Capital Completes Debt Settlement and Private Placement
News related to:Icarus Capital Corp · 1 min read
Icarus Capital Corp, a company based in Surrey, BC, Canada, has made significant strides in settling its debt and raising capital through a private placement.
The company has reached an agreement with a single arm’s-length creditor, settling a debt of $103,930. As part of the settlement, the creditor will receive 415,722 common shares, valued at $0.25 per share. These shares are subject to a four-month and one-day hold period from the date of issuance. During the debt settlement process, the creditor agreed to forgive $22,500, and an additional $22,500 was forgiven by the CEO, resulting in a net benefit of $45,000 to the company.
In addition to the debt settlement, Icarus Capital Corp has successfully closed a non-brokered private placement, raising gross proceeds of $170,000. The financing consisted of the issuance of 3,400,000 units, with each unit comprising one common share and one common share purchase warrant. Each warrant will entitle the holder to purchase one additional common share at an exercise price of $0.10 for a period of 24 months from the date of issuance. The securities issued are subject to a similar four-month and one-day hold period.
The company plans to use the proceeds from the private placement for general working capital purposes. Insiders of Icarus Capital Corp participated in the offering, subscribing for $10,000 worth of the offering. This constitutes a “related party transaction” under TSXV Policy 5.9, and the transaction is exempt from formal valuation and minority shareholder approval requirements.
Icarus Capital Corp specializes in live and digital entertainment, focusing primarily on stand-up comedy. Its current assets include the Yuk Yuk’s Calgary Comedy Club, Yuk Yuk’s Surrey Comedy Club, Yuk Yuk’s Media, and Yuk Yuk’s Western Canadian Events. The company is publicly traded on the TSX Venture Exchange (TSX-V) under the ticker symbol “ICRS”.
With these recent developments, Icarus Capital Corp aims to strengthen its financial position and continue its growth in the live and digital entertainment industry.