Hit Technologies arranges $515,000 debenture financing...https://www.stockwatch.com/News/Item.aspx?bid=Z-C%3aHIT-2729776&symbol=HIT®ion=C
2019-03-12 20:48 ET - News Release
Mr. Brooks Bergreen reports
HIT TECHNOLOGIES ANNOUNCES CONVERTIBLE DEBENTURE FINANCING
Hit Technologies Inc., subject to regulatory approval, intends to issue up to $515,000 in convertible debentures on a private placement basis and up to 10.3 million 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 five 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 five cents per share for a period of two years from issuance.
The company plans to use the funds from the financing to finance continuing operations 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.