Xebra Brands Concludes Shares for Debt Settlement

Canadian cannabis company Xebra Brands Ltd. announced the completion of its shares for debt transaction. The company settled $448,146 in accrued liabilities by issuing 8,962,917 common shares at $0.05 per share. This decision aims to preserve funds for operational growth.

Notably, 7,476,000 shares are subject to a four-month hold period. Key company insiders received 3,730,917 shares, constituting a related party transaction under MI 61-101. Exemptions from valuation and minority approval were applied.

Xebra also plans a non-brokered private placement of 3,000,000 units at $0.05 per unit for potential proceeds of $150,000. Each unit includes common shares and warrants for future share purchases.

The finalization of both transactions is pending regulatory approvals, including from the Canadian Securities Exchange.