Business
Zefiro Methane Improves Balance Sheet with Shares for Debt Settlements
Fort Lauderdale, Florida--(Newsfile Corp. - March 27, 2026) - ZEFIRO METHANE CORP. (Cboe Canada: ZEFI) (FSE: Y6B) (OTCQB: ZEFIF) (the "Company", "Zefiro", or "ZEFI") announced today it has entered into debt settlement agreements (the "Debt Settlements") with two creditors (the "Creditors") to eliminate an aggregate of $674,846 CAD in outstanding debt (the "Debt") at a price of $0.44 CAD per common share.The Debt Settlements will involve a combination of equity issuances by the Creditors of the..
About this update from Zefiro Methane Corp.
[{"type":"text","content":"Fort Lauderdale, Florida--(Newsfile Corp. - March 27, 2026) - ZEFIRO METHANE CORP. (Cboe Canada: ZEFI) (FSE: Y6B) (OTCQB: ZEFIF) (the "Company", "Zefiro", or "ZEFI") announced today it has entered into debt settlement agreements (the "Debt Settlements") with two creditors (the "Creditors") to eliminate an aggregate of $674,846 CAD in outstanding debt (the "Debt") at a price of $0.44 CAD per common share.","length":467,"tagName":"p"},{"type":"text","content":"The Debt Settlements will involve a combination of equity issuances by the Creditors of the amounts owing to them pursuant to the Debt Settlements, the Company will issue an aggregate of 1,533,741 common shares in the capital of the Company (the "Debt Shares").","length":271,"tagName":"p"},{"type":"text","content":"The Company views these strategic Debt Settlements as a positive step toward strengthening its balance sheet and continuing to reduce overall debt obligations.","length":159,"tagName":"p"},{"type":"text","content":"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 Exchange ("CBOE") and applicable securities laws.","length":241,"tagName":"p"},{"type":"text","content":"Catherine Flax, who is a director and officer of the Company, is the spouse of one of the Creditors who participated in the foregoing transactions, and settled USD $468,000 in outstanding debt under a promissory note (the "Promissory Note") dated September 1st, 2023. Ms. Flax is a "related party" of the Company within the meaning of Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions ("MI 61-101"). As a result, the settlement of the debt, including by way of issuance of such Debt Shares to Ms. Flax, is considered to be a "related party transaction", as such term is defined in MI 61-101. The Company relied on exemptions from the formal valuation and minority approval requirements of MI 61-101 (pursuant to subsections 5.5(a) and 5.7(1)(a)) as the fair market value of the portion of the debt settled with Ms. Flax, including by way of issuance of such Debt Shares to Ms. Flax, did not exceed 25% of the Company'...