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Clip Money Inc. Announces Amendment of Unsecured Convertible Notes
TORONTO, May 04, 2026 (GLOBE NEWSWIRE) -- Clip Money Inc. (TSX-V: CLIP) (“ Clip Money ...
About this update from Clip Money Inc.
[{"type":"text","content":"Clip Money Inc. Announces Amendment of Unsecured Convertible Notes\nTORONTO, May 04, 2026 (GLOBE NEWSWIRE) -- Clip Money Inc. (TSX-V: CLIP) (“Clip Money” or the “Company”), a company that operates a multi-bank self-service deposit system for businesses, is pleased to announce that, in support of strengthening its liquidity and maximizing working capital for future growth, it will (i) extend the maturity date (the “Maturity Date”) of the first tranche of the previously issued unsecured convertible notes dated May 4, 2023 (the “First Tranche Convertible Notes”) from May 4, 2026 to May 4, 2027 for all note holders who have consented to such extension, and (ii) offer an equivalent extension of the Maturity Date to all holders of the second tranche of the previously issued unsecured convertible notes dated June 14, 2023 (the “Second Tranche Convertible Notes” and, together with the First Tranche Convertible Notes, the “Convertible Notes”) from June 14, 2026 to June 14, 2027. For all Convertible Notes for which the note holders provide consent, the Company will reduce the conversion price (the “Conversion Price”) from CAD$0.50 per common share of Clip Money (the “Common Shares”) to CAD$0.40 per Common Share (collectively with the extension of the Maturity Date, the “Note Amendment”). The principal amount of the Convertible Notes, as amended, will continue to bear interest at a rate of 12% per annum compounded monthly. Other than the extension of the Maturity Date and the reduction of the Conversion Price, no other terms of the Convertible Notes will be amended. For details of the other terms of the Convertible Notes, please see the press release issued by the Company on May 4, 2023. Of the total CAD$483,667.50 principal amount of First Tranche Convertible Notes, holders of a total of CAD$368,670.00 principal amount of First Tranche Convertible Notes have consented to the Note Amendment and no note holders have objected to the Note Amendment. The Note Amendment is subject to acceptance of the TSX Venture Exchange and to the consent of the applicable holders. Holders who do not consent to the Note Amendment will have their Convertible Notes repaid on the Maturity Date in accordance with their terms or as agreed t...