Nepra Foods Announces US$950,000 Debt Conversion and Board Changes

Nepra Foods Inc. has agreed with William Hogan to convert US$950,000 in outstanding loan advances into common shares. The conversion includes accrued interest, totaling US$970,551. This transaction will result in 26,445,572 new shares at a price of C$0.05 per share. The closing is expected within five business days, upon which all security held by the lender will be discharged, leaving Nepra Foods free from this debt.

Additionally, Mark Olmsted has resigned from his director position, effective July 12, 2024. The company expresses its gratitude for his service.

This move aims to alleviate financial difficulties and improve Nepra Foods' financial standing. The conversion is classified as a "related party transaction" due to the lender's insider status.