Business
American Aires Announces Closing of Convertible Debenture Offering
Toronto, Ontario--(Newsfile Corp. - September 25, 2023) - American Aires Inc. (CSE: WIFI) (OTC Pi...
About this update from American Aires, Inc.
[{"type":"text","content":"American Aires Announces Closing of Convertible Debenture OfferingToronto, Ontario--(Newsfile Corp. - September 25, 2023) - American Aires Inc. (CSE: WIFI) (OTC Pink: AAIRD) (\"Aires\" or the \"Company\"), a company focused on scientifically-proven EMF modulation technology, announces the completion of a second and final tranche of its previously announced non-brokered private placement (the \"Offering\") of convertible debenture units (the \"Units\") at a price of $1,000 per Unit for gross proceeds of $717,000 through the ‎issuance of 717 Units, and paid finder's fees of $11,100.Including the initial tranche, the Company raised gross proceeds of $1,042,000 through the ‎issuance of 1,042 Units. All securities issued pursuant to the Offering are subject to a ‎four month hold period from the date of issue. Proceeds from the Offering will be used by the ‎Company for working capital purposes and to further the business objectives of the Company.Each Unit consists of (i) one (1) $1,000 principal amount secured convertible debenture (a \"Debenture\" or ‎‎\"Debentures\") of the Company, and (ii) and 2,000 (20,000 pre-10:1 consolidation on September 18, 2023) common share purchase warrants (the \"Warrants\"). The Debentures bear interest at a rate of 12.0% per annum, payable semi-annually in arrears ‎on the last day of June and ‎December in each ‎year‎, and mature on June 30, 2025 (the \"Maturity Date\"). ‎The Debentures are convertible into common shares in the capital of the Company (the ‎‎\"Common Shares\") at the market price of the Common ‎Shares at the time of conversion, subject to the approval of the Canadian Securities Exchange (the \"CSE\") in the event such price is below $0.05, ‎determined by the most recent closing ‎price of the Common Shares on the day of conversion, at the option of the holder at any time prior to the close of business ‎on the earlier of: (i) the last business day immediately preceding the Maturity Date, and (ii) the date fixed for redemption. Each Warrant entitles the holder thereof to acquire one ‎Common Share at an exercise price of $0.50 ($0.05 pre-10:1 consolidation on September 18, 2023) until June 30, 2025‎. In addition, the Debentures are secured by all of the assets...