4Front Ventures Corp. (CSE: FFNT) (OTCQX: FFNTF) (“4Front” or the “Company”) announced today that it has authorized the issuance of class A subordinate voting shares in the capital of the Company (the “Class A Shares”) and purchase warrants convertible into Class A Shares to settle debt owed to certain of its service providers.
The board of directors of the Company (the “Board”) approved the settlement of US$650,000 of debt through the issuance of 4,062,500 Class A Shares to one of its financial service providers. The Class A Shares will be issued at a price of US$0.16 (or C$0.218) per Class A Share.
The Board also approved a second debt settlement of US$75,000 through the issuance of 625,000 purchase warrants of the Company (each a “Warrant”) to another service provider of the Company. Each Warrant will be exercisable at C$0.23into one Class A Share for a period of 4 years.
