XS Financial Announces Share Issuances

Rhea-AI Summary

XS Financial announced the issuance of 148,660 options at an exercise price of $0.30 CAD and 458,279 subordinate voting shares at $0.224 CAD to settle debt. The options, part of the Omnibus Securities Compensation Plan, have a term of five years. The shares are subject to a statutory hold period until October 12, 2021. XS Financial specializes in providing equipment leasing solutions to cannabis businesses in the U.S., partnering with over 150 original equipment manufacturers, which supports recurring revenues and strong profit margins.

Positive

• Issued 148,660 options at $0.30 CAD, enhancing employee incentives.
• Issued 458,279 subordinate voting shares at $0.224 CAD to reduce outstanding debt, improving financial stability.
• Partnership with over 150 OEMs supports recurring revenue and strong profit margins.

Negative

• None.

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LOS ANGELES, CA / ACCESSWIRE / June 11, 2021 / XS Financial Inc. ("XS Financial", "XSF" or the "Company") (CSE:XSF), a specialty finance company providing scalable equipment leasing solutions to cannabis companies in the United States, announces that it has issued 148,660 Options ("Options") granted under the terms of the Omnibus Securities Compensation Plan of the Company at an exercise price of $0.30 CAD, for a term of 5 years. Additionally, the Company has issued 458,279 subordinate voting shares ("Shares") at $0.224 CAD to settle outstanding debt. The Shares are subject to a statutory hold period expiring on October 12, 2021.

About XS Financial
Founded in 2017, XS Financial specializes in providing CAPEX financing solutions to cannabis companies in the United States, including cultivators, processors, manufacturers and testing laboratories. In addition, XSF has partnered with over 150 original equipment manufacturers (OEM) through its network of Preferred Vendor partnerships. This powerful dynamic provides an end-to-end solution for customers which results in recurring revenues, strong profit margins, and a proven business model for XSF stakeholders. The Company's subordinate voting shares are traded on the Canadian Securities Exchange under the symbol "XSF". For more information, visit: www.xsfinancial.com.

For inquiries please contact:
David Kivitz
Chief Executive Officer

Antony Radbod
Chief Operating Officer

Tel: 1-310-683-2336
Email: ir@xsfinancial.com

Forward-Looking Information
This press release contains "forward-looking information" and may also contain statements that may constitute "forward-looking statements", collectively "forward-looking information", within the meaning of applicable Canadian securities legislation. Such forward-looking information is not representative of historical facts or information or current condition, but instead represent the beliefs and expectations regarding future events about the business and the industry and markets in which XS Financial operates, as well as plans or objectives of management, many of which, by their nature, are inherently uncertain. Generally, such forward-looking information can be identified by the use of terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or may contain statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "will continue", "will occur" or "will be achieved".

Forward-looking information contained herein may include but is not limited to, the Company's anticipated use of proceeds, expectations regarding the Company's future operations, the scaling of its leasing portfolio and the funding commitments of the Company and the ability to capitalize on such and the timing thereof. In connection with the forward-looking information contained in this news release, the Company has made assumptions that the Company's financial condition and development plans do not change as a result of unforeseen events, and that the Company will receive all required regulatory approvals, including the final approval of the Canadian Securities Exchange, for the Offering.

Forward-looking information is not a guarantee of future performance and involve risks, uncertainties and assumptions which are difficult to predict, including without limitation, risks relating to the availability of financing and the other risks set forth in the continuous disclosure documents of XS from time to time. Accordingly, readers should not place undue reliance on forward-looking information, which are qualified in their entirety by this cautionary statement. XS Financial Inc. does not undertake any obligation to release publicly any revisions for updating any voluntary forward-looking information, except as required by applicable securities law.

SOURCE: XS Financial

View source version on accesswire.com:
https://www.accesswire.com/651506/XS-Financial-Announces-Share-Issuances

FAQ

What options did XS Financial issue in June 2021?

XS Financial issued 148,660 options at an exercise price of $0.30 CAD.

How many shares did XS Financial issue to settle debt?

The company issued 458,279 subordinate voting shares at $0.224 CAD to settle outstanding debt.

What is the term of the options issued by XS Financial?

The options have a term of five years.

When do the shares issued by XS Financial become free from the statutory hold?

The shares are subject to a hold period expiring on October 12, 2021.

What industry does XS Financial serve?

XS Financial provides equipment leasing solutions to cannabis companies in the United States.