Verde Resources subsidiary settles $675,888 debt via cash or restricted shares at $0.07/share

VERDE RESOURCES, INC.

Indirect subsidiary Champmark Sdn Bhd entered a Settlement of Debts Agreement with creditor Borneo Oil Corp Sdn Bhd.
Total debt of $675,888 can be settled in cash or by issuing restricted shares at $0.07 per share.
Shares, if issued, will be restricted and delivered to the creditor or its nominee.
Promissory note term is two years; settlement must be completed within that period.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

VERDE RESOURCES, INC. entered into Settlement of Debts Agreement with Borneo Oil Corporation Sdn Bhd valued at USD 675,888 (effective 2023-03-13).

Action: entry
Agreement: settlement
Counterparty: Borneo Oil Corporation Sdn Bhd
Value: USD 675,888
Effective: 2023-03-13

Exact text from the filing

entered into a Settlement of Debts Agreement (the “SDA Agreement”) and a two year term period Promissory Note with CSM’s creditor Borneo Oil Corporation Sdn Bhd (the “Creditor”) to settle in full a total of USD 675,888 of CSM’s account payable to the Creditor either in cash or by the issuance of new restricted shares of the Company’s common stock at a price of $0.07 per share.

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VERDE RESOURCES, INC. filing history →

Source: SEC EDGAR

accession 0001640334-23-000369

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