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Elixxer Ltd. V.QBA


Primary Symbol: V.ELXR

Elixxer Ltd is a Canada based company engaged in growing and producing medical-grade cannabis. It focuses on making investments in Nutraceuticals, Cosmetics, Pharma, and Cultivation and Extraction sectors.


TSXV:ELXR - Post by User

Post by Cashinongreenon Jan 29, 2019 10:04pm
130 Views
Post# 29294064

Someone should question someone, NO ?

Someone should question someone, NO ?I'll preface the following by saying that I know the majority of you do not like to see me post here. The why are you here if you're not a shareholder. Let's keep it simple enough and suffice to say, I root for the underdogs, and with all due respect, that's what the shareholders of LGC Capital are. Your company in my belief is run by a group of unsavoury folks whose ONLY interest is to enrich themselves, PERIOD. And for those who don't know, when you are betting/gambling (and that's what we're all doing investing in the micro cap world), you are wagering on the people who run the companies. That much is not even a debate. I have illustrated below, just a few examples of what you the shareholders have been subjected to; e] Etea Sicurezza Group Ltd (note 15) On October 10, 2017, the Company entered into an agreement with a Toronto-based investment firm whereby the Company will guarantee repayment [the Etea Guarantee] of all of the obligations incurred by Etea Sicurezza Group Ltd [Etea Sicurezza], an unrelated entity, pursuant to an issuance of notes (the Notes) by it to an unrelated party in an aggregate principal amount of USD $1,000,000 [the Notes]. The Notes have a term of two years, bear interest at a rate equal to LIBOR + 8%, and are secured by the assets of Etea Sicurezza and by a pledge of shares by Etea Sicurezzas principal shareholder. As consideration for the Etea Guarantee, on May 15, 2018 the Company was issued shares in Etea Sicurezza, representing 3% of its outstanding share capital, with a deemed value of EUR150,000 ($228,192). Remember those guys? That's a lot of $$$ for nothing. Now with the companies current focus being on solely cannabis related investments (forget the prior example I guess), this ones a beauty, b] Evolution Bnk On March 12, 2018, the Company announced that it had signed a Letter of Intent with Evolution Bnk ATM SRL (Evolution Bnk) for a EUR3,000,000 (approx. $4,700,000), secured loan, convertible in certain circumstances into a 49% equity interest, which also provides that the Company will acquire a 5% royalty on net sales (Evolution Transactions). The transaction with Evolution Bnk is subject to due diligence, conformity with Italian laws and regulatory approval, including the TSX-V. Evolution Bnk is currently retrofitting its first 5,000 m2 (54,000 sq.ft.) greenhouse in San Remo Italy, which it believes will have the capability to produce about 7,500 kg of cannabis of low 0.2% THC, legal under Italian law. Evolution Bnk is planning the conversion and commissioning of another 15,000 m2 (160,000 sq. ft.) of greenhouse space in the Sanremo area. . On April 16, 2018, the Company entered into an agreement with Evolution Bnk to provide it with a bridging loan for EUR400,000 ($626,480), repayable at call after July 16, 2018 and accrues interest at a rate of 10% per annum. On June 19, 2018, the Company entered into an agreement with Evolution Bnk to provide a further bridging loan of EUR400,000 ($620,694), repayable at call after August 19, 2018 and accrues interest at a rate of 10% per annum. The bridging loans provided by the Company to Evolution Bnk are secured by a personal guarantee by a shareholder of Evolution Bnk. The bridge funding provided to Evolution Bnk will be rolled into the Evolution Bnk convertible loan on completion of the Evolution Transactions During the three and nine-month periods ended June 30, 2018 the total of foreign currency exchange losses recorded in the condensed interim consolidated statements of comprehensive loss in respect of the Evolution Bnk bridging loans amounted to $16,012. As shareholders I'm sure are aware, this proposed transaction is still pending approval of the TSX Venture Exchange 10 months from inception, Yes 10 months. But here;s where it really gets ugly. Reading the above, LGC has already advanced Evolution BNK just a hair under $1.5 Million. And as aforementioned, the transaction is still pending approval for 10+ months now. And of course there's lots more, some real gems including this one; On January 31, 2018, the Company entered into an Investment Agreement (the Agreement) with YA II PN Ltd. (YA II), an exempted company incorporated in the Cayman Islands, and Cuart Investments PCC Limited (Cuart), a company incorporated in Gibraltar. Under the Agreement, the Company agreed to issue to YA II and Cuart (collectively the Noteholders), 9.5% unsecured convertible debentures in a principal amount totaling US$2,340,000 (the Debentures) and 1,643,764 common share purchase warrants (the Debenture Warrants). Under the Agreement YA II and Cuart agreed to subscribe for 25% and 75% respectively, of each of the Debentures and the Debenture Warrants (YA II - US$585,000 principal amount ($736,850) and 410,941 common share purchase warrants and Cuart US$1,755,000 principal amount ($2,210,551) and 1,232,823 common share purchase warrants). The Debentures were drawn down on February 8, 2018 (the Advance Date), with the proceeds of US$2,340,000 ($2,947,401) applied to advance the Companys core business divisions on its global platform. So, as stated 8 days later, The Debentures were drawn down on February 8, 2018 (the Advance Date), with the proceeds of US$2,340,000 ($2,947,401) applied to advance the Companys core business divisions on its global platform. That's $3 Million bucks folks, and it went where ? There is much more I could show here, but that's enough for now. Well, not quite, the topper to all of the above and a ton more I spared you all from, there was an additional $2.8 Million in fees to arms length 3rd parties to transact, Global Cana Labs, Evolution Bank, AAA Tricho Med, Little Green Pharma and Etea Sicurezza Group Ltd. Cost of doing business ? No the real truth lies in the $$$. So after these ridiculous fees, your management and Directors paid themselves an additional; e] Compensation of key management personnel and Board of Directors Excluding the amounts reported above, during the three and nine-month periods ended June 30, 2018 the Company recorded the following compensation for key management personnel and the Board of $10,739,927. Now if that's not enough for you shareholders to be enraged about where your hard earned investment $$'s have gone, what will it take. Being bankrupt, halted, delisted ? Appear the the AGM and provide facts and demand answers !! Don't allow them to continue to get away with it !!
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