Minaean SP Construction Corp. Announces Shares For Debt
Vancouver, BC, Canada – September 1, 2015 – Minaean SP Construction Corp. (TSX Venture Exchange: MSP; Berlin and Frankfurt Stock Exchanges: NJA) (the “Company”) announces that it has entered into a debt settlement agreement as of August 31, 2015 with an arm’s length creditor pursuant to which the Company has agreed to issue 250,000 shares in the capital of the Company to settle a total of $83,552 of previously outstanding debt (the “Debt“). The settlement was structured as a write off of $58,552 of the Debt effective as of March 30, 2015 and the subsequent settlement of the balance of $25,000 of the Debt at a deemed price of $0.10 per share (the “Debt Settlement”).
On completion of this Debt Settlement and having used some of the proceeds of the recently completed private placement to pay remaining outstanding debts, the Company will achieve debt free status, as required under its reorganization plan with Shapoorji Pallonji International FZC.
The shares issued under the Debt Settlement will be subject to a four (4) month hold period under Canadian securities laws.
The Debt Settlement is subject to the acceptance of the TSX Venture Exchange.
About the Company
Minaean SP Construction Corp. is a company well known for its pioneering efforts in the manufacture of light gauge steel components for the construction industry and modular metal buildings in India. The strong, affordable, ecologically sustainable structures present a promising solution to the mass housing shortages in developing countries in addition to a range of conventional applications.
The shares of Minaean SP Construction Corp. are publicly traded on the TSX Venture Exchange under the symbol “MSP” and on the Berlin and Frankfurt Stock Exchanges under the symbol “NJA”. For more information, please visit www.minaean.com.
On behalf of the Board of Directors
MINAEAN SP CONSTRUCTION CORP.
President, Chief Executive Officer & Director
For further information please contact:
Minaean SP Construction Corp.
Toll free: 1-855-684-2181