Cybeats Completes Debt Settlement and Debenture Conversion

Core Viewpoint - Cybeats Technologies Corp. has successfully settled $1,500,000 of debt and converted $1,405,000 in outstanding convertible debentures, aiming to strengthen its balance sheet and support its commercial growth phase [1][4]. Debt Settlement - The company settled $1,500,000 of indebtedness by issuing 15,000,000 common shares at a price of $0.10 per share, with a four-month hold period for the shares [2]. - The debt settlement involved a "related party transaction," where certain officers and insiders acquired 13,322,500 shares, relying on exemptions from formal valuation and minority approval requirements [3]. Debenture Conversion - An aggregate principal amount of $1,405,000 in convertible debentures has been converted into 14,050,000 shares at a conversion price of $0.10 per share, in line with the terms of the debentures issued on January 25, 2024 [4]. Amended Offering Document - The company has filed an amended and restated offering document to reflect the debt settlement and debenture conversions, which can be accessed on the company's profile and website [5].