6.75% senior secured convertible debentures mature in three years
By Devika Patel
Knoxville, Tenn., July 7 – Mobi724 Global Solutions Inc. said it plans a C$5 million private placement of senior secured convertible debentures. Meadowbank Asset Management Inc. was the agent.
The 6.75% convertibles mature in three years and convert to common stock at C$0.15 per share in the first year, at C$0.25 per share in the second year and at C$0.35 per share in the third year. The conversion prices are 200%, 400% and 600% premiums to the July 7 closing share price of C$0.05.
Proceeds will be used to support project deployments of the company's solution, for ongoing obligations and working capital requirements.
The Montreal company offers a suite of payment and digital marketing products.
| Issuer: | Mobi724 Global Solutions Inc.
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| Issue: | Senior secured convertible debentures
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| Amount: | C$5 million
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| Maturity: | Three years
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| Coupon: | 6.75%
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| Conversion price: | C$0.15 in the first year, C$0.25 in the second year and C$0.35 in the third year
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| Warrants: | No
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| Agent: | Meadowbank Asset Management Inc.
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| Pricing date: | July 7
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| Stock symbol: | CSE: MOS
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| Stock price: | C$0.05 at close July 6
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| Market capitalization: | C$4.36 million
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