Vancouver, British Columbia, Canada, March 7, 2017 – Fundamental Applications Corp. (“Fundamental” or the “Company”) (CSE: FUN, FSE: 2FA, OTCQB: FUAPF) a leading developer of innovative smartphone applications, announces it has granted stock options to acquire up to 1,000,000 common shares in the Company to certain of its directors, officers, employees, and consultants (the “Options”). The Options have an exercise price of $0.10 and expire on March 7, 2022.
The Company’s stock option plan allows for 3,412,234 common shares to be reserved for issuance under the plan. Upon issuance of the options granted, there will be 3,360,000 common shares reserved under options outstanding, leaving 52,234 common shares that may be reserved for issuance under the Company’s stock option plan. The stock option grant is subject to regulatory approval.
In addition, Fundamental announces that it has settled debt in an aggregate amount of $50,000 in exchange for the issuance of 500,000 common shares to an unrelated creditor. The debt settlement is based on a deemed price of $0.10 per common share. The Company intends to issue a further 300,000 common shares shortly to settle a separate debt in an aggregate amount of $30,000 in exchange for the issuance of 300,000 common shares to another unrelated creditor. This debt settlement will again be based on a deemed price of $0.10 per common share.
The Company determined it was best to reduce its debt at this time by the issuance of shares in order to preserve its cash for operations and is relying on exemptions from prospectus requirements and applicable securities laws to issue the shares.
All securities issued in connection with debt settlement are subject to a hold period of four months plus a day from the date of issuance in accordance with applicable securities legislation.
Fundamental Applications Corp. (CSE:FUN FSE:2FA, OTCQB: FUAPF) designs, develops, markets, and acquires innovative mobile applications targeted at the “Millennials” generation, people born in an age of digital technology, internet access, and smart phones. This demographic is an early adopter of mobile technology, has significant discretionary income, and is lifestyle driven with a willingness to try new things. Fundamental’s three leading mobile platforms are Foro, a peer-to-peer mobile ecommerce marketplace; Truth, a one-to-one anonymous messaging app previously listed in the top 100 social networking apps in the Apple App Store; and Opinit, an app that enables users to socially share their favourite online sentiment driven content.
For more information about Fundamental, please visit www.FunAppCorp.com, or review the Company’s profiles on the SEDAR website (www.sedar.com) and the CSE website (www.thecse.com). To schedule an interview, please contact:
Chief Executive Officer
The CSE has not reviewed and does not accept responsibility for the adequacy and accuracy of this information. The Company has no intention or obligation to update or revise any forward-looking statements due to new information or events.