Now the fun begins!! Release
Mr. Brooks Bergreen reports
HIT TECHNOLOGIES COMPLETES DEBT AND EQUITY FINANCING
Further to the news release of Feb. 14, 2018, Hit Technologies Inc. has closed its non-brokered private placement of $300,000 in principal amount of convertible debentures and an additional $200,000 gross proceeds in units at a price of 5.25 cents per unit. Each Unit is comprised of one common share of the Company and one share purchase warrant, entitling the holder to purchase an additional common share at a price of $0.07 per share until February 16, 2020. The financing remains subject to the filing of final materials with the TSX Venture Exchange.
Furthermore, in connection with the issuance of the Debentures, the Company has issued an aggregate of 4,285,714 share purchase warrants, with each such warrant entitling the holder to purchase an additional common share at a price of $0.07 per share until February 16, 2019 and after that $0.10 per share until February 16, 2020.
The Debentures have a two year term ending February 16, 2020, and bear interest at a rate of 10% per annum. The Debentures are convertible into common shares of the Company at $0.07 per share until Febuary 16, 2019 and after that at $0.10 per share until February 16, 2020.
The Company plans to use the funds from the financings to fund ongoing operations and for general working capital purposes. All securities issued in connection with the above are subject to a four-month statutory hold period ending on June 16, 2018.
We seek Safe Harbor.