Izotropic Closes Non-Brokered Private Placement and Announces Debt Settlement

Executive Summary

• Izotropic Corporation completed a non‑brokered private placement raising $300,000 through the issuance of 1,200,000 units at $0.25 each.
• The company also settled accrued interest of $60,000 on its 2022 promissory note by issuing 240,000 settlement units (share + warrant) at $0.25 per unit.
• Proceeds from the private placement will be used for general working capital; both the offering and the interest settlement are subject to regulatory approvals and statutory hold periods.

Key Details

• Private Placement Offering – 1,200,000 units issued at $0.25 per unit for total gross proceeds of $300,000.
• Unit Composition – Each unit consists of one common share and one transferable warrant; each warrant allows purchase of an additional share at $0.25 for three years from closing.
• Use of Proceeds – Funds will be applied to general working capital needs.
• Regulatory Conditions – Closing subject to receipt of all necessary regulatory approvals; securities not registered under the U.S. Securities Act and may not be offered/sold in the United States absent exemption.
• Debt Settlement Agreement – Settles $60,000 accrued interest on a $2,000,000 promissory note dated April 1 2022.
• Settlement Units Issued – 240,000 units at $0.25 per unit (total value $60,000) to fully settle the interest obligation.
• Settlement Unit Composition – Each settlement unit includes one common share and one transferable warrant; each warrant permits purchase of an additional share at $0.25 for three years from issuance.
• Statutory Hold Period – All securities issued (offering and settlement) are subject to a four‑month + one‑day hold period under applicable securities laws.
• Approval Required – Completion of the interest settlement remains subject to approval by the Canadian Securities Exchange.

Notable Quotes

(No executive quotes were provided in the release.)