Xigem Technologies (CSE:XIGM) closed both its shares for debt settlement and private placement transactions. The debt settlement involved issuing 3,155,000 common shares to certain creditors in exchange for $157,750 in outstanding accounts payable.
The private placement raised $105,000 through the issuance of 2,500,000 units, each comprising one common share and one warrant.
Related parties, including CEO Brian Kalish, participated in both transactions.
The proceeds will support Xigem's working capital needs.