RE: $3 M Brokered Private Placement Convertible Debenture UnitsThey just did $2.2 million Conv. debentures 2 months ago. WTF?
2021-10-29 16:34 ET - Private Placement
The TSX Venture Exchange has accepted for filing documentation with respect to a brokered private placement announced Sept. 1, 2021.
Convertible debentures: 2,192 convertible debenture units, each comprised a $1,000 principal amount unsecured convertible debenture and 1,430 common share purchase warrants of the company
Conversion price: The debentures may be converted into common shares of the company at 35 cents at any time prior to the maturity date.
Maturity date: three years from the date of closing
Warrants: each warrant entitles the holder thereof to acquire one common share at a price of 50 cents per common share for a period of 24 months from the date of closing
Interest rate: 10 per cent per annum
Number of placees: 36 placees
Insiders: B&M Miller Equity Holdings Inc. (Brad Miller), 200; Zacorp Ventures Inc. (Constantine Zachos), 50; Robert Kaul, 5
Pro groups: six placees, 1,060
Finders' fees: $160,110 cash and 453,171 compensation warrants paid to Echelon Wealth Partners Inc. 4,286 compensation warrants paid to Hampton Securities Ltd.
Each finder's warrant is exercisable at 35 cents for one common share and will expire on Oct. 1, 2023.
Pursuant to corporate finance Policy 4.1, Section 1.11(d), the company issued a news release announcing the closing of the private placement setting out the expiry dates of the hold period(s) on Oct. 1, 2021.