Updated: Jan 25
On January 4, 2021 the Phoenix Life Sciences International Limited, all directors, officers and holders of preferred Series B shares, were electronically served notice of the defaults in material terms of the Settlement Agreement from November 2020.
The notice outlined the material defaults from the November 2022 Settlement, the resulting changes to the settlement terms and the significant liability on the Company and the individual directors and officers for breaching the terms of the settlement.
A letter of intent (pursuant to Rule 408) with respect to proposed new terms for settlement, a proposed memorandum of reorganization, an addendum to the Settlement Agreement for the Company and the Individual Directors, Officers and preferred Series B holders was provided to the Company in offering settlement.
On January 7, 2021 the Board of Directors approved, with one director obtaining and subsequently the majority of the holders of the Series B preferred shares approved the reorganization memorandum, as disclosed in this Form 8K as filed with the Securities and Exchange Commission.