Alchemist Inc (CSE:AMS) announced Monday that Will Rascan, a director of Alchemist and chief executive officer of Liberty Leaf Holdings, will take payment of $80,000 in consulting fees that he has accrued in the form of the company's common shares.
Under the terms of the agreement, Rascan will receive 1.6 million common shares of Alchemist at a deemed value of C$0.05 per share.
"Mr. Rascan's decision to take payment in stock is a great testament to what we are doing and what we have achieved in the last few months, and we thank Will for his ongoing support and confidence in the company and our road map," said CEO, Paul Mann.
Alchemist's goal is to be a global provider of technology solutions to the cannabis sector.
"I am excited to be a part of this company's current trajectory and business plan, and I am very positive about its future growth," said Rascan.
The company said the debt settlement is subject to approval by the Canadian Securities Exchange, and all common shares issued to Rascan will be subject to a hold period of four months and one day.