Business
Gamelancer Announces Non-Brokered Private Placement of Debenture Units Led by Max Desmarais and the Chrétien-Desmarais Family
Toronto, Ontario--(Newsfile Corp. - October 13, 2022) - Gamelancer Media Corp. (CSE: GMNG) (O...
About this update from Vertiqal Studios Corp
[{"type":"text","content":"Gamelancer Announces Non-Brokered Private Placement of Debenture Units Led by Max Desmarais and the Chrétien-Desmarais FamilyToronto, Ontario--(Newsfile Corp. - October 13, 2022) - Gamelancer Media Corp. (CSE: GMNG) (OTCQB: GAMGF) (\"Gamelancer\" or the \"Company\") is pleased to announce its intent to complete a non-brokered private placement of up to CDN$15,000,000 aggregate principal amount of secured debenture units of the Company (each, a \"Debenture Unit\") at an issue price of CDN$1,000 per Debenture Unit (the \"Offering\"). Each Debenture Unit will be comprised of CDN$1,000 principal amount of 12% secured debentures of the Company (each, a \"Debenture\") and 100 common share purchase warrants of the Company (each, a \"Warrant\"). Each Warrant will be exercisable into one common share of the Company (each, a \"Warrant Share\") at an exercise price of CDN$0.07 per Warrant Share for a period of 36 months from the closing of the Offering.The Debentures shall mature on the date that is 60 months from the closing of the Offering (the \"Maturity Date\"). The Debentures shall bear interest at a rate of 12% per annum from the closing of the Offering, payable on the last business day of each calendar quarter, with the first 18 months of accrued interest payable on the Maturity Date. The Company will appoint an agent (the \"Security Agent\") to act as transfer agent and a bare trustee to hold a first ranking security interest on behalf of the Debenture holders and will enter into a general security agreement with the Security Agent which shall include standard default conditions customary for a transaction of this nature. Further, the Debentures and Warrants will be issued pursuant to the terms of a debenture and warrant indenture to be entered into between the Company and the Security Agent.The Debentures will be subject to redemption, in whole or in part, at the option of the Company at any time after the first (1st) anniversary of the closing of the Offering upon giving the holders not less than 30 and not more than 60 days' prior written notice, at a price equal to the then outstanding principal amount of the Debentures plus all accrued and unpaid interest up to and including the redemption date.All securities issued pursuant to the Offering will be subject to a four month hold period from the date of issue. The net procee...