FutureGen Industries Announces Closing of Debt Settlement
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FutureGen Industries Announces Closing of Debt Settlement
VANCOUVER, BC / ACCESS Newswire / March 26, 2026 / FutureGen Industries Corp. (formerly Right Season Investments Corp.) (TSXV:LITT)(Frankfurt:T500, WKN: A41WY4) ("FutureGen Industries" or the "Company") announces that it has closed its previously announced debt settlement agreement with a director of the Company (the "Creditor") dated March 9, 2026 (the "Settlement Agreement"). Pursuant to the Settlement Agreement, the Company has issued to the Creditor 100,800 common shares of the Company (each, a "Share" and, collectively, the "Shares") at a deemed price of $0.25 per Share in settlement of $25,200 of outstanding indebtedness (the "Settlement"). Pursuant to applicable securities laws, all securities issued pursuant to Settlement are subject to a hold period of four months and one day, expiring July 27, 2026.
The issuance of 100,800 Shares to Constantine Carmichel, in full settlement of $25,200 is considered a Related Party Transactions within the meaning of Multilateral Instrument 61-101 - Protection of Minority Security Holdings in Special Transactions ("MI 61-101"). The Company relied on exemptions from the formal valuation and minority approval requirements of MI 61-101 contained in sections 5.5(a) and 5.7(1)(a) of MI 61-101, as neither the fair market value of the Shares, nor the consideration paid for the Shares, exceeded 25% of the Company's market capitalization.
The Company did not file a material change report more than 21 days before the closing of the Settlement because the details were not settled until shortly prior to closing and the Company wished to complete the Settlement on an expedited basis for business reasons.
About FutureGen Industries Corp.
FutureGen Industries Corp. is a Canadian venture capital, investment and advisory firm that strives to actively drive innovation and accelerate growth for its shareholders. FutureGen invests capital into private and public companies that offer excellent growth opportunities.
Contact:
Kristian Thorlund, CEO
Tel: 1 833 383 9900
Email: [email protected]
Cautionary and Forward-Looking Statements
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accept responsibility for the adequacy or accuracy of this release.
This news release contains "forward-looking information" within the meaning of applicable securities laws, including statements regarding the issuance of the Shares and obtaining regulatory approvals. Although the Company believes that the expectations reflected in the forward-looking information are reasonable, there can be no assurance that such expectations will prove to be correct. Readers are cautioned not to place undue reliance on forward-looking information. Such forward-looking statements are subject to risks and uncertainties that may cause actual results, performance and developments to differ materially from those contemplated by these statements depending on, among other things, that the Company's plans and prospects will vary from those stated in this news release and that the Company may not be able to carry out its business plans as expected. Except as required by law, the Company expressly disclaims any obligation and does not intend to update any forward-looking statements or forward-looking information in this news release. Although the Company believes that the expectations reflected in the forward-looking information are reasonable, there can be no assurance that such expectations will prove to be correct. Accordingly, readers should not place undue reliance on forward-looking information. The statements in this news release are made as of the date of this release.
SOURCE: FutureGen Industries
View the original press release on ACCESS Newswire
J.Williams--AMWN
