IGC Pharma issues 4.27M shares to CEO and PFO to cancel $1.15M in debt

IGC Pharma, Inc.

CEO Ram Mukunda receives 2,226,475 shares for cancellation of $601,148 owed, including $283,639 in cash advances.
VP/PFO Claudia Grimaldi receives 2,048,378 shares for cancellation of $553,062 owed, including $268,723 in cash advances.
Total debt reduction of $1,154,210; no cash paid by the Company; equity increases by same amount.
Shares issued at $0.27 per share; transaction approved by independent directors and Audit Committee under Rule 16b-3.
Shares are restricted, unregistered, and issued under Section 4(a)(2) exemption; resale subject to securities laws.

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