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ICEsoft Technologies Canada Corp. Announces Secured Convertible Debt Financing Round
Calgary, Alberta--(Newsfile Corp. - February 16, 2023) - ICEsoft Technologies Canada Corp. (CSE: ...
About this update from Icesoft Technologies Canada Corp
[{"type":"text","content":"ICEsoft Technologies Canada Corp. Announces Secured Convertible Debt Financing RoundCalgary, Alberta--(Newsfile Corp. - February 16, 2023) - ICEsoft Technologies Canada Corp. (CSE: ISFT) (the \"Company\" or \"ICEsoft\") is announcing a non-brokered secured convertible promissory note financing (the \"Debt Financing\"). The Company will assume up to CAD $100,000 of secured convertible promissory notes with provisions to migrate an additional CAD $150,000 in existing debt to the new debt instrument through one or more closings.The issued convertible promissory notes (the \"Promissory Notes\") shall bear simple interest at 15% per annum. Interest will accrue and carry for the term. The term of the Promissory Notes shall be for 36 months, and the note holders shall have the right to convert, at their discretion, all or part of the outstanding note principal and accrued interest into Common shares of the Company at $0.05 / share.The Company anticipates that President and CEO, Brian McKinney, shall participate in the Debt Financing through a combination of cash payments and debt settlement. Total aggregate insider participation is not expected to exceed CAD $250,000.The non-brokered secured convertible debt financing is anticipated to close on or about Tuesday, February 28, 2023.The securities issued pursuant to exercise of the Promissory Notes conversion feature will be subject to a hold period under applicable securities laws, which will expire four months plus one day from the date of issuance of the shares. Closing of the Secured Convertible Debt Financing is subject to receipt of all necessary corporate and regulatory approvals, including approval of the Canadian Securities Exchange.About ICEsoft Technologies Canada Corp. ICEsoft Technologies Canada Corp. is a software-as-a-service (\"SaaS\") company. ICEsoft's current software, which is available as freeware with a pay to use version, is used by some 150,000 developers, 20,000 companies, and some 400 paying customers. ICEsoft's newest product Voyent Alert! is an affordable Community Alerting Service specifically designed to meet the needs of small to medium sized municipalities, regional governments and enterpirse. The flexible platform serves the dual purpose of alerting and advising residents and employees during a critical incident as well as providing targeted day-to-day com...