Gratomic Inc. (TSX-V:GRAT, OTCQX:CBULF) announced plans to settle approximately $1.4 million in debt owed to various creditors.
The debt includes about $1 million owed to arm’s-length creditors for cash advances, $102,500 for debt owed for management and director fees to four directors of the company, and $314,849.60 of cash advances and payment of expenses on behalf of the company by CEO Arno Brand.
To settle the debt, the company will issue up to 14,221,496 shares at $0.10 per share.
Gratomic aims to be a leading graphite supplier with projects in Namibia, Brazil and Canada.