Sharc cancels one offering, arranges another

Executive Summary

• Sharc International Systems Inc. announced an update to its financing activities, intending to complete a non-brokered private placement of secured convertible debentures with a principal amount of up to $1.5 million.
• This new offering replaces a previously announced offering dated June 20, 2025, which has been cancelled.
• The proceeds are designated for working capital purposes to support the shipment and delivery of Sharc and Piranha wet systems.

Key Details

• Instrument Type: Non-brokered private placement of secured convertible debentures.
• Principal Amount: Up to $1.5 million.
• Security: Secured against all present and after-acquired assets of the company.
• Interest Rate: 8.0% per annum.
• Maturity: 24 months from the date of issuance.
• Extension Option: Holders may extend the maturity date by 12 months.
• Interest Payment Options: Accrued and unpaid interest may be paid in cash or in common shares at a price of 10 cents per share.
• Conversion Rights: Holders may convert outstanding principal into common shares at the conversion price at any time on or prior to the last business day prior to the maturity date.
• Prepayment: The company may prepay all or part of the principal and accrued interest without penalty at its sole discretion.
• Use of Proceeds: Working capital for fulfilling shipment and delivery of Sharc and Piranha wet systems.
• Finder’s Fees: The company may pay finder’s fees to eligible arm’s-length finders in accordance with securities laws and CSE policies.
• Hold Period: All securities are subject to a statutory hold period of four months and one day following issuance.
• Previous Offering: The offering announced on June 20, 2025, is cancelled.

Notable Quotes

• None provided in the text.