Sanwire Corporation (OTCMKTS:SNWR) is getting some attention this morning after the company and its fully owned subsidiary Intercept Music Inc provided shareholders with updates.
Shares of SNWR as of 11:38 are trading at .00999 up .00114 gaining 12.8% on the day. Shares gapped up113% on the open to .0189 but did not hold and have sold off most of those gains. Volume is 7.4 million shares well above its 30-day average trading volume of 892,427,
SNWR announced that it made an agreement with one of its shareholders and officers to cancel 100 million Sanwire common shares effective immediately.
In addition, there has also been the cancellation of debt to the tune of $1 million which includes cancellation of convertible notes and interest amounting to $400,000.
According to the company, these moves have improved the company’s balance sheet considerably and also make Sanwire a more attractive proposition for institutional investors.
Earlier this year, the SNWR announced that Proactive Capital Partners had made an institutional investment in the company.