Business
DelphX Announces Non-Brokered, Secured, Convertible Debenture Financing
DelphX Announces Non-Brokered, Secured, Convertible Debenture Financing Canada New...
About this update from Delphx Capital Markets, Inc.
[{"type":"text","content":"\n\n\n\nDelphX Announces Non-Brokered, Secured, Convertible Debenture Financing\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prntac{\nTEXT-ALIGN: CENTER\n}\n\n\n\n\n\n\n\nCanada NewsWire\nTORONTO, May 15, 2019\n\n\n\n/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/\n TORONTO, May 15, 2019 /CNW/ - DelphX Capital Markets Inc. (TSXV: DELX) (\"DelphX\") announced today that it intends to proceed with a non-brokered private placement (the \"Offering\") of up to $1,500,000 in principal amount, secured, convertible debentures (the \"Convertible Debentures\").  The Convertible Debentures will bear interest at 12% per annum, calculated and payable semi-annually, commencing November 30, 2019. The Convertible Debentures will mature on May 31, 2021.The Convertible Debentures will be secured with a fixed and floating charge over present and future assets of DelphX pursuant to a general security agreement.  \nThe Convertible Debentures will be convertible by holders at any time until maturity, in whole or in part (provided that any such conversion involves the conversion of not less than $50,000 of principal amount) into one unit of DelphX (a \"Unit\") for each $0.15 of outstanding principal amount.  Each Unit will be comprised of one common share (a \"Common Share\") and one warrant (a \"Warrant\"), each Warrant will be exercisable to purchase one Common Share at a price of $0.20, for a period of two years after issuance.\nIn connection with the Offering, DelphX may pay to eligible finders cash finder's fees of up to 7% of the gross proceeds received and may issue up to 525,000 finders' warrants (the \"Finders' Warrants\").  Each Finders' Warrant will be exercisable to purchase one Common Share at a price of $0.20, for a period of two years after closing of the Offering. \nCompletion of the Offering is subject to the approval of the TSX Venture Exchange. The Convertible Debentures, the Warrants and the underlying Common Shares will be subject to a hold period of four months and a day from the date of issue of the Convertible ...