Slyce Announces Extension of Convertible Debenture Offeringhttps://www.marketwired.com/press-release/slyce-inc-announces-extension-of-convertible-debenture-offering-tsx-venture-slc-2142957.htm CALGARY, ALBERTA--(Marketwired - July 15, 2016) - Image recognition and visual search leader Slyce Inc. (TSX VENTURE:SLC) (FRANKFURT:06O1) ("Slyce" or the "Corporation") today announces that, further to the news release on June 23, 2016, the Company has received an extension to the deadline from TSX Venture Exchange to file final documentation in connection with the closing of the final tranche of the $1 Million Convertible Debentures ("CDs") offering. The first tranche was closed on June 23, 2016, raising $750,000.
Slyce will use the proceeds to fund its ongoing technology development and for general working capital purposes.
The CDs pay 10% annual interest, payable in kind with Common Shares issued at a price per share equal to the volume weighted average trading price for the Common Shares on the TSX Venture Exchange (the "TSXV") for the 20 consecutive trading days ending five trading days prior to the date on which the Corporation submits an application to the TSXV for issuance of Common Shares as payment of the principal and interest for the CDs. The CDs mature on December 31, 2017. Interest shall be payable on June 30th and December 31st in each year commencing on December 31, 2016.
The outstanding amount of each CD, including all interest accrued thereon, will be convertible, for no additional consideration, at a conversion price of $0.10 per security or such other price as approved by the TSX Venture once the conversion terms of the CD are met.