Business
Bemax Inc. enters into an Agreement with CIM Securities to raise up to $3,000,000 in Funding
Bemax Inc. enters into an Agreement with CIM Securities to raise up to $3,000,000 in Funding.
About this update from Bemax Inc.
[{"type":"text","content":"DALLAS, GA/ December 4, 2023/ Bemax Inc. (“Company”) currently trades under the OTC Pink Sheets symbol “BMXC” has entered into an engagement agreement with CIM Securities, LLC to raise up to $3,000,000 in Three Year (36 months) Convertible Promissory Notes with an 8% Annual accrued interest rate offering open to accredited investors. The Notes are convertible at the following: i) an $18,000,000 fully diluted common shares outstanding Hard Ceiling Market Capitalization, or ii) a $6,000,000 fully diluted common shares outstanding Hard Floor Market Capitalization, or iii) at a 30% Discount off the fully diluted market capitalization prior days closing bid price if the conversion price is between the Hard Ceiling and Hard Floor. The market capitalization will be based on the prior quarters report fully diluted number of shares outstanding stated on such report.Bemax exports and distribute its own brands of private label household disposable diapers and women’s hygienic sanitary products across North America and to the global emerging markets. We are actively pursuing opportunities in the rapidly growing global consumer staples and household products Industries.The Offering:Bemax, Inc., is offering on a “best efforts” basis through CIM Securities, LLC, a FINRA member broker-dealer as the Managing Placement Agent and the Officers and Directors of the Company solely to verified accredited investors under Section 4(a)(2) and Rule 506(c) of Regulation D promulgated under the Securities Act of 1933, as amended up to $3,000,000 in Thirty-Six Months 8% Annual Accrrued Interest Promissory Notes (“Notes”) Convertible Into Shares of Common Stock, par value $0.0001 per share. The Notes are convertible at i) a $18mm Hard Ceiling Market Capitalization, or ii) at a $6mm Hard Floor Market Capitalization or iii) at a 30% Discount off the prior days closing bid price on the Day of Conversion if the Conversion price lands between the Hard Ceiling and the Hard Floor. The Market Capitalization is to be determined by reviewing the Company’s prior quarters report fully diluted number of shares outstanding stated on such report at the time of the conversion. The Offering will terminate on the earliest of: (a) the date the Company, in its discretion, elects to terminate, (b) the date upon which all Shares have been sold, subject to an increase i...