Anthony Clark International Insurance Brokers Ltd.
Issuance of Shares for Debt
January 18, 2010 03:06 PM Eastern Time
CALGARY--(EON: Enhanced Online News)--ANTHONY CLARK INTERNATIONAL INSURANCE BROKERS LTD.
Exchange: “ACL”; OTCQX:ACKBF) (the “Corporation”) is pleased to announce that it has finalized an Amending Agreement,
1, 2010, with one of its’ U.S. lenders, whereby the U.S. Lender has agreed to receive a portion of the interest owed to it in commo
Pursuant to the terms of the Amending Agreement, the U.S. Lender has agreed to accept 4% of the interest payments due on a $3,
loan (the “Loan”) in common shares of the Corporation. This Amending Agreement is in effect until the Maturity of the Loan on Apr
such and subject to the receipt of regulatory approvals, the Corporation currently intends to issue $130,000 USD worth of commo
CDN$0.50 per common share to the U.S. Lender. The price of CDN$0.50 per common share represents a 2% discount from the
CDN$0.51 per common share on January 15, 2010. The pricing of the common shares to be issued during the subsequent years of
determined at the then current trading price of the common shares of the Corporation as at the close of business on the first trading
1st in each year until the Maturity Date of the Loan.
The issuance of any common shares of the Corporation pursuant to the Amending Agreement is subject to any and all required regu
and the acceptance of the TSX Venture Exchange.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this re
Except for the historical information contained herein, this press release contains statements that constitute forward-looking stateme
the Private Securities Litigation Reform Act of 1995. Forward-looking statements inherently involve risks and uncertainties that coul
results to differ materially from the forward-looking statements. Factors that may cause or contribute to such differences include, am
the Corporation's ability to close the prop