Hit Technologies private placement
2018-02-22 17:04 ET - Private Placement - Debenture
The TSX Venture Exchange has accepted for filing documentation with respect to a non-brokered private placement announced Feb. 1, 2018.
Convertible debenture
Convertible debenture: $300,000
Conversion price: convertible into 4,285,714 common shares at a conversion price of seven cents in the first year and convertible into three million common shares at a conversion price of 10 cents in the second year
Maturity date: two years from the date of issuance
Warrants: 4,285,714 detachable warrants to be issued with the convertible debentures (Each warrant will have a term of two years from the date of issuance of the notes and entitle the holder to purchase one common share. The warrants are exercisable at the price of seven cents in the first year and exercisable at the price of 10 cents in the second year for a two-year period.)
Interest rate: 10 per cent per annum
Private placement
Number of shares: 3,809,524 shares
Purchase price: 5.25 cents per share
Warrants: 3,809,524 share purchase warrants to purchase 3,809,524 shares
Warrant exercise price: seven cents for a two-year period; seven cents in the second year
Number of placees: three placees