XTM arranges $5-million (U.S.) private placement
2023-12-13 17:52 ET - News Release
Ms. Marilyn Schaffer reports
XTM ANNOUNCES PROPOSED OFFERING OF SECURITIES
XTM Inc. has commenced a non-brokered private placement offering for aggregate gross proceeds of up to $5-million (U.S.) of units of the company. Each unit will consist of: (i) one secured convertible debenture in the principal amount of US$1,000 at a rate of 12% per annum from the date of issuance and shall be convertible at the option of the respective holders thereof into common shares in the capital of the Company (the "Common Shares") at a price of US$0.11 per Common Share at any time for a period of 24 months from the initial closing date (the "Initial Closing Date"), and (ii) 1,000 warrants ("Warrants") to purchase Common Shares upon payment of US$0.11 to the Company for a period of 24 months from the Initial Closing Date.
The Company intends to use the net proceeds of the Offering for capital expenditures and general corporate and working capital purposes. The proposed Offering is expected to close on or about December 19, 2023, or such later date as the Company may determine (the "Closing"). The Closing is subject to certain conditions including, but not limited to, the satisfaction of customary closing conditions and the receipt of regulatory approvals, including the approval of the Canadian Securities Exchange (the "CSE"). There can be no assurance as to whether or when the proposed Offering may be completed, or as to the actual size or specific terms of the Offering.
The securities issued in connection with the Offering are subject to a statutory hold period of four months and one day from the date of issuance.