ARCADIA, Calif.--(BUSINESS WIRE)--Fuse Enterprises Inc. (“Fuse Enterprises” or the “Company”, OTCQB: FSNT) today announced that the Company has signed a share purchase agreement (“SPA”) with its shareholder Landbond Home Limited (“Landbond”), which effectively converts $6.9 million in debt the Company owes to Landbond into equity. The Company’s Board of Directors voted its approval of the SPA on June 28, 2018.
Under the terms of the SPA, the Company sells to Landbond 19,628,050 shares of Fuse Enterprises’ common stock (the “Shares”) at $0.35 per share for a total purchase price of $6,869,817.60 (the “Purchase Price”) in exchange for the cancellation of a Promissory Note in the amount of $6,869,817.60, which a wholly owned subsidiary of the Company previously issued to Landbond. With the cancellation of the Promissory Note, Fuse Enterprises is now debt-free.
Mr. Umesh Patel, CEO of Fuse Enterprises, stated, “We are pleased to have the continued commitment and support of our majority shareholder Landbond Home Limited. This agreement enables us to strengthen our balance sheet at this critical juncture as the Company makes headway on its business development efforts. We are moving forward on the due diligence process related to the previously announced MOU for the acquisition of five mines in Mexico and look forward to updating investors on our progress in the coming weeks.”
About Fuse Enterprises Inc.
Fuse Enterprises is a provider of expert management and consultants exclusively to the minerals sector. We work with our clients to develop new mines and facilitate the improvement of existing operations, with a primary focus on achieving optimum output and return. For more information, please visit our website at www.fuseenterprises.com.
Safe Harbor Statement
All statements in this press release that are not historical are forward-looking statements made pursuant to the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. There can be no assurance that actual results will not differ from the Company’s expectations. You are cautioned not to place undue reliance on any forward-looking statements in this press release as they reflect the Company’s current expectations with respect to future events and are subject to risks and uncertainties that may cause actual results to differ materially from those contemplated. Potential risks and uncertainties include, but are not limited to, the risks described in the Company’s filings with the Securities and Exchange Commission.