Voyageur Pharmaceuticals Ltd. (TSXV: VM) (OTC Pink: VYYRF) has announced a proposal to settle $192,300 in outstanding debt through the issuance of common shares, priced at $0.155 per share — the closing price on September 24, 2026. The Calgary-based developer of pharmaceutical-grade barium and iodine contrast media states the move is designed to preserve the company's cash position. The transaction includes a related party component that triggers disclosure obligations under Canadian securities regulations.

Key Points

  • Voyageur Pharmaceuticals Ltd. (TSXV: VM) (OTC Pink: VYYRF)
  • The company proposes to settle $192,300 in total debt via new common share issuances at $0.155 per share
  • 337,419 shares to settle $52,300 owed to a company officer; 903,225 shares to settle $140,000 owed to other creditors; all shares subject to a four-month-and-one-day hold period
  • Investors should watch for final TSX Venture Exchange regulatory acceptance before the transaction is completed

Voyageur's Share-for-Debt Structure and Pricing Terms

Under the proposed arrangement, Voyageur will issue a total of 1,240,644 common shares to settle the $192,300 debt. The deemed issuance price of $0.155 per share reflects the closing price of VM shares on the TSX Venture Exchange on September 24, 2026. All newly issued shares will be subject to a statutory hold period of four months and one day from their date of issuance. The company stated that completion of the issuances remains conditional upon receipt of all applicable regulatory approvals, including final acceptance from the Exchange.

Related Party Disclosure and MI 61-101 Exemptions

Of the total debt being settled, $52,300 represents accrued consulting fees owed to a company officer, making that portion of the transaction a related party transaction under Multilateral Instrument 61-101 — Protection of Minority Security Holders in Special Transactions. Voyageur disclosed it is relying on exemptions from formal valuation and minority shareholder approval requirements under sections 5.5(a) and 5.7(1)(a) of MI 61-101, citing that neither the fair market value of the debt owed to the officer nor the value of the shares to be issued exceeds 25% of the company's market capitalisation.

Cash Preservation Strategy Within Voyageur's Broader Development Plan

Voyageur stated explicitly that the rationale for settling the debt in shares rather than cash is to preserve its cash reserves. The company is currently developing barium and iodine active pharmaceutical ingredients, holds five Health Canada-licensed barium contrast products, and owns a 100% interest in the Frances Creek barium sulfate project in British Columbia. Voyageur's stated long-term strategy involves vertical integration across the radiology contrast media supply chain, from raw mineral extraction through to finished pharmaceutical manufacturing under its "From Earth to Bottle" framework.