Kiaro announces marketed private placement of at least $ 3 million of senior unsecured convertible debenture units
Each unit of debenture consists of (i) an 8% senior unsecured convertible debenture (the “Convertible debenture“) having a nominal value of
If at any time after one year from the closing date of the offering and before the maturity date, the thirty (30) day Volume Weighted Average Price (VWAP) of the Common Shares at the
In addition, the Company will grant the Agents an option to purchase up to 15% of additional Debenture Units, which may be exercised in whole or in part, at any time on or before the date falling 30 days after the Closing Date. To the extent that this over-allotment option is exercised, the shareholders of the Company’s existing controlling block will be allowed to increase their stake in the placement, if any, in order to maintain their current stake fully diluted.
The net proceeds of the Offering will be used for working capital and general corporate purposes.
“We are delighted to welcome
The Offer is scheduled to close on or around
The Debenture Units to be issued in connection with the Offering will be offered by way of private placement in each of the provinces of
This press release contains statements that may constitute “forward-looking information” within the meaning of applicable Canadian securities laws. Forward-looking information may include, among other things, statements regarding future plans, costs, objectives or performance of
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