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Paragon Advanced Labs Settles $2.4 Million of Debt

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Paragon Advanced Labs (PALS.V) settled $2.4 million with The Paul & Joyce Huet Family Trust, an entity related to investor Paul Andre Huet, it said in a statement on Wednesday.

The company settled this outstanding indebtedness by issuing 1.4-million common shares at C$2.42 apiece. It also said the settled indebtedness comprised the balance of the secured promissory note issued in connection with the company's acquisition of Paragon Geochemical, and the debt settlement constitutes full and final satisfaction of all amounts owing to the Trust.

The TSX Venture Exchange has conditionally accepted the debt settlement.

Shares of the company were last seen up about 6% at C$2.49 on the TSXV.

Price: $2.49, Change: $+0.14, Percent Change: +5.96%

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