RE:https://www.stockwatch.com/News/Item.aspx?bid=Z-C%3aHIT-2734Financing increased because more orders coming in than 1st expected......
HIT TECHNOLOGIES ANNOUNCES INCREASE IN CONVERTIBLE DEBENTURE FINANCING
HIT Technologies Inc. will increase its non-brokered private placement of convertible debentures previously announced on March 12, 2019, to up to $1.2-million in principal amount of convertible debentures, with up to 24 million detached share purchase warrants. 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, including the production of inventory, for general working capital purposes and to retire outstanding debt. All securities issued in connection with the above transactions will be subject to a four-month statutory hold period. The financing remains subject to the approval of the TSX Venture Exchange.