Onco-Innovations Resolves Debt Through Share Issuance

Onco-Innovations, a Canadian-based company focused on cancer research and treatment, has resolved its outstanding debt by issuing shares to certain insiders and consultants. The company announced the settlement of a total debt of $481,694 owed to insiders and consultants, including the Chief Financial Officer (CFO) and Chief Executive Officer (CEO), through the issuance of 860,168 common shares.

The shares were issued at a deemed price of $0.56 each, bringing the total value of the shares to $481,694, which fully settled the debt. This transaction involved related party entities, as the shares were issued to RHM Management Inc., controlled by the CFO, and Carnarvon Strategies-Health Industry Solutions Inc., controlled by the CEO. According to the press release, the issuance of these shares constitutes a related party transaction under Multilateral Instrument 61-101.

Onco-Innovations, which has secured an exclusive worldwide license to patented technology targeting solid tumours, is dedicated to advancing cancer prevention and treatment through innovative solutions. The company’s mission is to pursue pioneering research and development in oncology.

In a statement, Thomas O’Shaughnessy, CEO of Onco-Innovations, expressed satisfaction with the resolution of the debt.

The transaction is subject to certain exemptions under MI 61-101, as the fair market value of the shares and the consideration paid for them did not exceed 25% of the company’s market capitalization. This move is part of the company’s ongoing efforts to manage its financial obligations and maintain operational integrity.

Onco-Innovations continues to focus on its mission to advance cancer research and treatment through innovative solutions. The company remains committed to pursuing groundbreaking advancements in the field of oncology.