Elixxer Sources US$1.1 Million In Debt, Extends Insider Loans
Elixxer Ltd (TSXV: ELXR) has secured additional funding to keep its operation afloat. The firm has borrowed a combined US$1.183 million from two different investors, at a rate of 12% per annum to enable the company to refinance existing debt.
The debt, which is due on January 1, 2021, is being provided by that of YA II PN, Ltd. and RiverFort Global Opportunities PLC. At the option of the lenders, the debt may be converted to common shares of the company at a price of $0.05 per share. 14.2 million common share purchase warrants with an exercise price of $0.04 and an expiry of January 1, 2021 have also been issued in connection with the financing.
Despite securing additional funds as a means of refinancing existing debt, Elixxer also announced this morning that the company has agreed to extend outstanding loans with three directors that was issued February 16, 2018. The debt, which amounted to $210,328 to enable directors to exercise stock options, and a further $442,853 to cover associated taxes, was originally due February 16, 2020. That date has now been extended to February 16, 2022, pending approval by the exchange.
Elixxer Ltd last traded at $0.04 on the TSX Venture.
Information for this briefing was found via Sedar and Elixxer Ltd. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
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