Elixxer Ltd. Announces Proposed Shares for Debt Settlements

Core Points - Elixxer Ltd. plans to settle approximately $6.92 million of debt by issuing 83,924,151 common shares at a price of $0.0825 per share [1] - The debt settlement involves various creditors, including AIP Convertible Private Debt Fund L.P., which is a control person of the Company [2] - The settlement of M&A advisory fees and management compensation requires disinterested shareholder approval due to the amount exceeding $10,000 per month [2][3] - The Company has accrued $573,487.98 in salary and director fees for Mr. Zalt, who will receive 2,424,243 common shares for these fees [3] - A claim related to a consulting agreement termination amounts to approximately $1.12 million, with a net claim of $809,998 after a counterclaim [4] - The debt settlement is classified as a related party transaction under Multilateral Instrument 61-101, and the Company is relying on exemptions due to financial difficulties [5] - The debt settlement was approved by independent board members, with no special committee established [8] - Ferras Zalt has resigned as a director of the Company [9] - Elixxer is a Canadian public company listed on the TSX Venture Exchange and is focused on high growth investment opportunities [10]