Alaska Pacific Energy Corp. (OTC Pink: ASKE) is engaged as a mining and exploration company. Shares of the mining company are down 25%, through early trading on Wednesday, May 10, 2017. Over the past month, Alaska Pacific Energy Corp. has seen average daily volume of 88,787 shares. However, volume of 302.62 million shares or dollar volume of $181,572, has already exchanged hands on Wednesday.
Shares of Alaska Pacific Energy Corp. are facing pressure on Wednesday, after the company announced it has reached a deal with most of its third party and non-affiliated debt holders to exchange their existing debts for convertible preferred stock. Here is the full press release detailing of the debt and equity exchange:
Alaska Pacific Energy Corp. Press Release:
DEL RAY BEACH, Fl., May. 10th, 2017 /RSS FEED — Alaska Pacific Energy Corp. (OTC PINK: ASKE) is pleased to announce that it has a reached a deal with all most of its third party non affiliated debt holders to exchange the notes for convertible preferred stock which is an equity instrument for the public company. The preferred shares do not allow its holders to simply self convert without an issuance resolution from management and this is important because the securities would otherwise classified as derivative liabilities. The opinion of management and it’s outside consultants is that Alaska Pacific Energy Corp needs to build a strong balance sheet now that assets and equity are being contemplated in future acquisitions. The fact that our debt holders are prepared to exchange their notes for equity instruments is a tremendous step in the right direction.
Furthermore Alaska Pacific Energy Corp believes that its shareholders will be best served in seeing fundamental changes to the consolidated financial statements of the company. The company’s expectation is to increase shareholder equity which management believes will embolden investor confidence.
The company will release more news and updates in the coming days and weeks as it directly relates to its consolidated financial statements and all such events related to the operations of Alaska Pacific Energy Corp.
Safe Harbor Statement:
This release may include “forward looking statements” within the meaning of Section 27 A of the Securities Act 1933 as amended, and Section 21 E and/or 27 E of the Securities Exchange Act of 1934, that are based on assumptions that in the future are inherently uncertain, may prove not to be accurate, and are subject to significant risks and uncertainties. These include, but are not limited to statements as to the future performance of the company, its ability to raise necessary financing, and other general economic risks and uncertainties
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