- Sixth Wave Innovations (SIXW) has announced plans for a non-brokered private placement to raise up to $2 million
- The company will issue up to 2,000 unsecured convertible debentures at a price of $1,000 per debenture
- Interest on the convertible debentures will be payable in cash or units at a rate of 15 per cent and have a one-year term
- The company has accepted proceeds of approximately $260,000 in subscription agreements
- Sixth Wave Innovations’ patented nanotechnologies extract and detect target substances at the molecular level
- Sixth Wave (SIXW) opened trading at C$0.035
Sixth Wave Innovations (SIXW) has announced plans for a non-brokered private placement to raise up to $2 million in gross proceeds.
The company will issue up to 2,000 unsecured convertible debentures at a price of $1,000 per debenture.
Interest on the convertible debentures will be payable in cash or units at a rate of 15 per cent per annum. The debentures have a one-year plus one-day term.
The company has the right, at any time during the term, to repay the principal amount and any accrued and unpaid interest.
At any time during the term, a debenture holder may elect to convert the outstanding net principal amount and any accrued and unpaid interest into units at a conversion price of $0.05 per unit. Each Unit shall consist of one common share and one common share purchase warrant. Each warrant entitles the holder to acquire one additional common share at an exercise price of $0.075. The Warrants shall expire two years from the date of issue.
In connection with the Private Placement, the company will pay a one-time bonus equal to 15 per cent of the principal amount of the convertible debentures, to be paid in common shares, subject to the approval of the CSE.
The company has accepted proceeds of approximately $260,000 in subscription agreements for the private placement.
A portion of the net proceeds will be used to complete the transition of the Affinity cannabinoid and botanicals purification license to Advanced Extraction System Inc. A portion will also be used to support general corporate overhead.
The company may pay finders’ fees in the form of cash commissions and/or finder’s warrants.
All securities issued will be subject to a statutory four-month hold period.
Sixth Wave Innovations’ patented nanotechnologies extract and detect target substances at the molecular level.
Sixth Wave (SIXW) opened trading at C$0.035.