The TSX Venture Exchange has accepted for filing documentation with respect to a non-brokered private placement announced on March 30, 2022.
Convertible debenture: $2-million (U.S.)
Conversion price: The principal amount owing is convertible for up to 6,666,667 conversion units, each consisting of one common share in the capital of the company and one share purchase warrant, at a conversion price of 30 cents per conversion unit.
Maturity date: 18 months from the date of issuance
Warrants: Each warrant will have a term of five years from the date of issuance of the convertible debentures and entitle the holder to purchase one share upon exercise. The warrants are exercisable at the price of 40 cents.
Interest rate: 15 per cent per annum, due quarterly in arrears in each year following the closing date (unless deferred at the election of the holder)
Number of placees: one placee
Insider/pro group participation: none
Finder's fee: none
The company issued a news release on April 18, 2022, to confirm the closing of the private placement.
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