Sanwire Offered to Cancel 1.3 Billion Shares (50% of Outstanding) and $1M Debt in Lawsuit Settlement
SNWR has more than doubled off its 52-week low of $0 on light trading volume (0.2× avg).
Summary
Sanwire Corporation has received a settlement offer to resolve lawsuits, which includes the cancellation of over 1.3 billion common shares, representing nearly 50% of its outstanding common stock, and 8.8 million Series C Preferred shares. The offer also proposes to relieve Sanwire of approximately $1 million in debt, including at least $135,513 owed to Trillium Partners. This is a highly significant development for the micro-cap company, as the proposed share cancellation would drastically reduce dilution and the debt elimination is substantial relative to its size. Sanwire plans to submit a counter-offer to address monetary compensation and expense reimbursement, indicating the final terms are still under negotiation.
At the time of this announcement, SNWR was trading at $0.00 on OTC in the Technology sector, with a market capitalization of approximately $23.3K. The 52-week trading range was $0.00 to $0.00. This news item was assessed with positive market sentiment and an importance score of 9 out of 10. Source: GlobeNewswire.