XTACY Therapeutics Announces Debt Settlement

Rhea-AI Summary

Xtacy Therapeutics Corp. settles CA$118,075 debt through issuance of common shares.

Positive

• Xtacy Therapeutics Corp. improves financial position by reducing existing liabilities through debt settlement.
• 2,361,500 common shares issued to creditors in exchange for outstanding accounts payable.

Negative

• None.

Vancouver, British Columbia--(Newsfile Corp. - October 5, 2023) - Xtacy Therapeutics Corp. (CSE: XTCY) (FSE: TT5) (OTCQB: GWSFF) (formerly Global Wellness Strategies Inc.) ("the Company") announces that it has agreed to settle an aggregate of CA$118,075 in debt through the issuance of common shares.

The Company has agreed with certain of its creditors to issue an aggregate of 2,361,500 common shares (the "Settlement Shares") to such creditors in exchange for outstanding accounts payable (the "Shares for Debt Transaction") in the aggregate amount of CA$118,075 (the "Debt") owing to certain creditors (the "Creditors"). The Settlement Shares are being issued at a price of $0.05, in accordance with the policies of the Canadian Securities Exchange (the "CSE"). The Company is completing the Shares for Debt Transaction to improve its financial position by reducing its existing liabilities.

The securities issued in connection with the Debt Settlement will be subject to a statutory hold period of four months plus a day from the date of issuance in accordance with applicable securities legislation.

Pursuant to the policies of the Canadian Securities Exchange, the Debt Settlement will close five business days from the date of this press release. The Shares for Debt Transaction remains subject to CSE acceptance.

About Xtacy Therapeutics Corp.:

Xtacy is a prospect generator that provides high growth companies with financial, operational, and management assistance in the fast growing market for wellness consumer products. The focus of the Company is on global wellness, psychedelics, mycology, hemp and CBD, healthcare-related target companies and their clinical studies and trials.

For further information, visit website:
www.xtacytherapeutics.com

Or Contact Meris Kott CEO email to kottmeris@gmail.com.

Further information about the Company is available on www.SEDARplus.com under the Company's profile.

Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/183078

FAQ

What is Xtacy Therapeutics Corp. settling?

Xtacy Therapeutics Corp. is settling CA$118,075 debt through the issuance of common shares.

How is Xtacy Therapeutics Corp. improving its financial position?

Xtacy Therapeutics Corp. is improving its financial position by reducing its existing liabilities through a debt settlement.

How many common shares are being issued?

A total of 2,361,500 common shares are being issued to creditors in exchange for outstanding accounts payable.

What is the price of the shares being issued?

The shares are being issued at a price of $0.05 per share.

When will the Debt Settlement close?

The Debt Settlement will close five business days from the date of the press release.