GINSMS Completes Repayment of Equity Loan for Debt
CALGARY, Alta., Nov. 15, 2022 (GLOBE NEWSWIRE) — GINSMS Inc. (“GINSMS“or the”society”) (TSXV: GOK) is pleased to announce that it has completed the Debt Equity Transaction (the “Actions for Debt Transaction”) previously announced on October 17, 2022, pursuant to the agreement between the Company and Joel Siang Hui Chin (“Joel Chin“) for the reimbursement, by issuing shares, of loans (collectively, the “Loans”) representing an aggregate amount of principal and interest of CAD 3,732,450.73 granted to the Company by Joel Chin.
Following receipt of approval from the TSXV Venture Exchange (the “Swap”), the Company issued 37,324,507 ordinary shares of the Company at a price of CAD 0.10 per ordinary share (the “Redemption Actions”) on November 14, 2022. The total number of shares issued and outstanding as a result of the loan-for-share transaction is 187,118,368 common shares. Joel Chin now holds 37,324,507 common shares representing 19.95% of all issued and outstanding common shares of the Company. Joel Chin has retained loans totaling CAD 145,785.79 in principal to the Company. Prior to the Loan Share Transaction, Joel Chin held no common shares of the Company. Xinhua Mobile Limited (“Mobile Xinhua”), the majority shareholder of GINSMS, continues to hold more than 50% of all issued and outstanding shares of the Company. Specifically, Xinhua Mobile owns 52.29% of all issued and outstanding common shares of the Company.
Redemption Shares are subject, under the Rules of the Exchange and applicable Securities Laws, to a 4 month hold period.
GINSMS is a mobile technology and services company that focuses on 2 areas, namely its A2P messaging service and software products and services. GINSMS operates a cloud-based A2P messaging service that enables SMS termination to mobile subscribers from over 200 mobile operators worldwide. GINSMS also develops and distributes innovative software products and services for mobile operators and enterprises and has successfully deployed more than 100 solutions worldwide. GINSMS has offices in China, Singapore, Hong Kong, Malaysia and Indonesia. Its head office is located at 700-9e Avenue SW, Suite 300, Calgary, Alberta T2P 3V4.
For more information, please contact:
Joel Chin, CEO
Email: [email protected]
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATORY SERVICE PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE RELEVANCE OR ACCURACY OF THIS RELEASE.