Vertiqal arranges $2-million (U.S.) debenture financing

Executive Summary

• Vertiqal Studios Corp. announced a senior secured debenture financing of up to $2 million (U.S.).
• The debentures carry an annual interest rate of 13% and mature 18 months from issuance, with interest payable as a balloon payment at maturity.
• Proceeds are designated for general working capital purposes.

Key Details

• Financing Amount: Up to $2,000,000 (U.S.)
• Instrument: Senior secured debentures
• Interest Rate: 13% per annum
• Maturity: 18 months from the date of issuance
• Security: First-ranking security interest over all present and after-acquired property and assets of the company
• Interest Payment Terms: Accrues and is payable as a balloon payment on the maturity date
• Use of Proceeds: General working capital purposes
• Resale Restrictions: Securities subject to a hold period of four months plus one day from the date of issuance, subject to applicable securities legislation resale rules

Notable Quotes

• None provided in the text.