An anonymous director reports
ZEFIRO METHANE STRENGTHENS BALANCE SHEET WITH STRATEGIC SHARES FOR DEBT SETTLEMENTS
Zefiro Methane Corp. has entered into debt settlement agreements with two creditors to eliminate an aggregate of $407,855.97 in outstanding debt.
The debt settlements will involve a combination of equity issuances and a significant writedown by the creditors of the amounts owing to them. Pursuant to the debt settlements, the company will issue an aggregate of 1,127,273 common shares in the capital of the company and grant 400,000 stock options, each having an exercise price of 40 cents per share, a one-year expiration period from the date of grant and vesting in accordance with the terms of Zefiro's stock option plan. The debt shares will be issued at a deemed price of 27.5 cents per debt share. Notably, $97,855.97 of the total debt will be forgiven and settled for no value.
The company views these strategic debt settlements as a positive step toward, strengthening its balance sheet and reducing its overall debt obligations.
All common shares issued in connection with the debt settlement will be subject to a statutory four-month-and-one-day hold period in accordance with the policies of the Cboe Canada and applicable securities laws. The issuance of the debt shares is subject to certain conditions, including the receipt of all necessary regulatory approvals, including the approval of Cboe.
About Zefiro Methane Corp.
Zefiro is an environmental services company, specializing in methane abatement. Zefiro strives to be a key commercial force toward active sustainability. Leveraging decades of operational expertise, Zefiro is building a new tool kit to clean up air, land and water sources directly impacted by methane leaks. The company has built a fully integrated ground operation driven by an innovative monetization solution for the emerging methane abatement marketplace. As an originator of high-quality United States-based methane offsets, Zefiro aims to generate long-term economic, environmental and social returns.
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