Business
Clip Money Inc. Announces US$2,000,000 Convertible Note Financing
TORONTO, Feb. 24, 2025 (GLOBE NEWSWIRE) -- Clip Money Inc. (TSX-V: CLIP) (OTCQB: CLPMF) (“...
About this update from Clip Money Inc.
[{"type":"text","content":"Clip Money Inc. Announces US$2,000,000 Convertible Note Financing\n\n\n\n TORONTO, Feb. 24, 2025 (GLOBE NEWSWIRE) -- Clip Money Inc. (TSX-V: CLIP) (OTCQB: CLPMF) (“\n \n Clip Money\n \n ” or the\n \n “Company\n \n ”), a company that operates a multi-bank self-service deposit system for businesses, is pleased to announce the closing of a non-brokered private placement (the “\n \n Financing\n \n ”) of an unsecured convertible note (the “\n \n Convertible Note\n \n ”) for gross proceeds of US$2,000,000 (or CAD$2,840,000, based on a CAD/USD exchange rate of 1.42) to Cardtronics Inc. (“\n \n Cardtronics\n \n ”), a subsidiary of NCR Atleos Corporation. Cardtronics is Clip Money’s largest shareholder and also a strategic commercial partner through the NCR Atleos Allpoint ATM network. Cardtronics’ continued support highlights its confidence in the Clip Money solution and team.\n \n\n The Convertible Note will accrue simple interest at a rate of 13% per annum. The Company will make quarterly cash interest payments in satisfaction of a portion of the interest that accrues on the principal amount of the Convertible Note in the preceding quarter. The principal amount of the Convertible Note outstanding on the Maturity Date plus all accrued and unpaid interest thereon that has not been previously paid in connection with the quarterly interest payments will be due and payable in full on February 24, 2030 (the “\n \n Maturity Date\n \n ”).\n \n\n On the Maturity Date, payment of the principal amount of the Convertible Note then outstanding will be satisfied by the Company, at Cardtronics’ sole discretion, through: (i) a cash payment equal to the entirety of the principal amount of the Convertible Note then outstanding; (ii) the issuance of a number of common shares of the Company (each a “\n \n Common Share\n \n ”) equal to the entirety of the principal amount of the Convertible Note then outstanding divided by CDN$0.55 (the “\n \n Conversion Price\n \n ”); or (iii) a combination of a cash payment and the issuance of Common Shares at the Conversion Price, provided that at least 50% of the principal amount of the Convertible Note then outstanding must be converted into Common Shares.\n \n\n On the Maturity Date, p...