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Elixxer (TSXV: ELXR) has announced changes to its Board of Directors. Mark Romano, a senior executive with over 40 years of experience in technical leadership, program management, and business operations, has been appointed as an independent Director. He replaces Jeremy Green, who has resigned from his position on the Board.
Elixxer Ltd. (TSX-V: ELXR, OTC-QB: ELIXF) announced amendments to debt settlements with principal lenders AIP and Arlington, prompted by declining share prices. The amendments involve issuing 243,754,000 common shares at $0.015 each to settle $3,656,310 in debts to each lender. This will result in AIP and Arlington becoming 'control persons' of the corporation, holding approximately 34.08% and 39.64% of shares, respectively. Both settlements require shareholder approval. Additionally, certain balances remain outstanding under the AIP and Arlington Loans.
Elixxer Ltd. (TSX-V: ELXR, OTC-QB: ELIXF) proposes a debt settlement of $8,568,333 through the issuance of shares to two lenders. AIP Convertible Private Debt Fund will receive 198,241,300 shares and warrants, while Arlington Capital LP will receive 230,175,350 shares and warrants, both at $0.02 per share. After these settlements, AIP is projected to control 30.47% of shares, and Arlington 38.69%. Shareholder approval is required for these transactions, alongside TSX Venture Exchange consent, with each lender entitled to nominate two directors upon completion.
Elixxer Ltd. (OTC-QB: ELIXF) is currently in discussions with YA II PN, Ltd. and Riverfort Global Opportunities PLC over claims of default under a convertible loan agreement. The total owed amounts to US$1,078,698. If negotiations fail, default proceedings may be initiated, potentially triggering cross-default provisions on existing loans totaling approximately CDN$7,964,825.52. Elixxer is exploring solutions, including securities-for-debt conversions, but lacks the ability to repay the full amount in cash, raising concerns about its financial stability.
On October 15, 2020, Elixxer announced the completion of a non-brokered private placement, issuing 26,666,666 units at CAD$0.015 each, totaling gross proceeds of $400,000. Each unit consists of one common share and one share purchase warrant, exercisable at CAD$0.05 for 60 months. The company intends to use the proceeds for general working capital and future investments. No fees were paid in connection with this offering, and the units are subject to a four-month hold period.
Elixxer Ltd. (TSX-V: ELXR, OTC-QB: ELIXF) has announced a non-brokered private placement of CAD$400,000, offering 26,666,666 units priced at CAD$0.015 each. Each unit includes one common share and one warrant, with an exercise price of CAD$0.05, valid for 60 months. The proceeds will be used for general working capital and future investments, with no fees paid to related parties. The placement is subject to TSX-V approval and a four-month hold period on securities. Elixxer has interests in multiple countries, including Australia and Canada.
Elixxer Ltd. has closed a secured loan of CAD$4,000,000 with AIP Convertible Private Debt Fund L.P. The loan, which has a 24-month term and an interest rate of 17% per annum, is secured by a general security agreement on all assets. Elixxer has paid various fees totaling CAD$525,000 and issued 46,333,333 common shares as a bonus to the lender. The funds will be used for working capital and future investments. The company is seeking to strengthen its financial position and grow its investment portfolio.
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