Hit Technologies arranges $430,000 private placement
2018-02-01 20:04 ET - News Release
Mr. Brooks Bergreen reports
HIT TECHNOLOGIES ANNOUNCES CONVERTIBLE DEBENTURE FINANCING
Subject to regulatory approval, Hit Technologies Inc. intends to issue up to $430,000 in secured convertible debentures on a private placement basis and up to 4,095,237 common share purchase warrants of the company.
The debentures will bear interest at the rate of 10 per cent per annum with a two-year term and are convertible at a price of 5.25 cents per share in the first year from issuance and at 10 cents per share in the second year. Each warrant will be exercisable to acquire one common share of the company at a price of seven cents per share in the first year from issuance and at a price of 10 cents per share in the second year.
The company plans to use the funds from the financing to finance continuing operations, to meet its continuous disclosure obligations and for general working capital purposes. All securities issued in connection with the above transactions will be subject to a four-month statutory hold period. The financing is subject to the approval of the TSX Venture Exchange.
We seek Safe Harbor.
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