Prevention Insurance.com and British Virgin Islands company Copper Hill Assets Inc. on Sept. 25 signed a loan conversion agreement under which the latter converted and discharged outstanding loans in the amount of US$372,823 in exchange for 5 million of the former's common shares.
The transaction took effect on the same date. The common shares have an approximate effective value of 7.5 cents apiece.
Upon receipt of the common shares, Copper Hill Assets perpetually waived and discharged any and all claims, demands and actions in connection to the loans, including accrued and unpaid interest.
Copper Hill Assets held 70% of Prevention Insurance.com's total issued and outstanding shares, or 1,563,809 common shares, prior to the conversion.
Subsequent to the loan conversion, a total of 7,234,465 Prevention Insurance.com common shares are issued and outstanding. Immediately before the deal, there were 2,234,465 common shares issued and outstanding.
