Continental Issues Shares to Extinguish Debt
Vancouver, BC, - 19 July 2021 - Continental Energy Corporation (OTCQB: CPPXF) (the "Company") announced that it is today issuing 15,761,177 common shares to two arms-length lenders in an agreed settlement to repay in full and extinguish debt consisting of loan principal and accumulated interest thereon in an aggregate amount of US$ 161,552.06 which became due and payable on 1 July 2021.
In accordance with the pre-agreed terms of elective conversion of the debt as provided for in the promissory notes evidencing the loans, the lenders have elected to convert an aggregate amount of US$ 150,000 loan principal together with US$ 11,552.06 accumulated interest at an agreed value of US$ 0.01025 per common share, a price equivalent to the actual volume weighted average trading price of the Company's common shares on OTCQB for the twenty trading days preceding the maturity date.
On behalf of the company,
Richard L. McAdoo
Chairman and CEO
Media Contact: Phil Garrison, Director, (+1-918-860-0183), email@example.com
No securities regulatory authority has either approved or disapproved the contents of this news release. We assume no obligation to update its content. Any statements made herein that are not historical or factual at the date hereof are forward looking statements. Many risk factors may cause our actual performance and results to be substantially different from our plans or expectations described in any forward looking statements. Readers are encouraged to refer to the expanded discussion of recognized risks and uncertainties, many of which could detrimentally impact any forward looking statements, that we continuously provide in our regulatory disclosures filed on, and publicly available for view or download from, www.sedar.com or from www.sec.gov/edgar.
Released July 19, 2021