Financings
Credissential Announces Closing Of Final Tranche Of Convertible Note Financing
WHIP · Price
Executive Summary
- Credissential Inc. closed the final tranche of its previously announced convertible note offering, raising CAD 150,000 in gross proceeds.
- The senior unsecured convertible notes bear 20% annual interest, mature in 12 months, and are convertible at a price equal to 100% of the prior‑day CSE closing price (minimum $0.05 per share).
- Net proceeds will be used to repay certain creditor debts and for general working capital purposes.
Key Details
- Offering Size: CAD 150,000 gross proceeds from the final tranche.
- Instrument: Senior unsecured convertible notes.
- Interest Rate: 20% per annum, payable according to note terms.
- Maturity: 12 months from issuance date.
- Conversion Price: Equal to 100% of the CSE closing price on the trading day immediately preceding a conversion notice, subject to a minimum of $0.05 per share.
- Redemption Right: Company may redeem all or part of the notes prior to maturity with ten (10) trading days’ written notice, paying 110% of principal redeemed.
- Ownership Limitation: Holders limited to a maximum of 9.99% beneficial ownership of Credissential’s common shares after conversion.
- Use of Proceeds: Repayment of certain creditor debts and general working capital.
- Regulatory Compliance: Notes issued under ASC Rule 72‑501; no hold period applies.
Notable Quotes
(No executive quotes were included in the release.)