Xigem Technologies Inc (TSE:XIGM) has released an update.
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Xigem Technologies Inc. has successfully completed a shares for debt settlement, issuing over 3 million shares to clear $157,750 of debt, and a private placement raising $105,000 by selling 2.5 million units. Both transactions involved related parties, with the CEO and other insiders participating, and are aimed at strengthening the company’s financial standing for future development. The shares will be subject to a four-month holding period, and the funds from the private placement are earmarked for working capital.
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