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Venzee Technologies Closes First Tranche of Convertible Debenture Financing
Venzee Technologies Closes First Tranche of Convertible Debenture Financing Can...
About this update from Jasperx Technologies Inc.
[{"type":"text","content":"\n \n \n \n Venzee Technologies Closes First Tranche of Convertible Debenture Financing\n \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 \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n \n CHICAGO\n \n \n ,\n \n \n July 28, 2022\n \n \n /CNW/ -\n \n Venzee Technologies Inc.\n \n (TSXV: VENZ) (OTCQB: VENZF) (\"\n \n Venzee\n \n '' or the \"\n \n Company\n \n \"), the artificial intelligence (\"AI\") platform for product data, is pleased to announce that it has closed the first tranche of its previously announced non-brokered private placement offering (the \"\n \n Offering\n \n \") of unsecured convertible debentures (\"\n \n Debentures\n \n \"). The principal sum of Debentures issued in the first tranche totals CAD\n \n $175,000\n \n . The Company may close further tranches.\n \n \n \n \n \n \n \n \n \n \n John Abrams\n \n , CEO of Venzee, said, \"We deeply appreciate the continued support from our investors, who continue to see the progress and enormous potential of Venzee as the disruptive AI platform for transforming and optimizing supply chains.\"\n \n \n The Debentures will have a maturity date of three (3) years from the date of issuance and shall bear interest at a rate of 5% per annum, payable every six (6) months. The principal sum of the Debentures, or any portion thereof, are convertible at the option of the holder, anytime after six (6) months, into debenture units (each, a \"\n \n Debenture Unit\n \n \") at CAD\n \n $0.05\n \n per Debenture Unit for the first year. In subsequent years, the Debentures are convertible at the greater of\n \n $0.10\n \n or Market Price. Each Debenture Unit consists of one common share (a \"\n \n Share\n \n \") and one common share purchase warrant (a \"\n \n Warrant\n \n \") with each Warrant exercisable at CAD\n \n $0.08\n \n for 36 months from the date of issuance. The Warrants will also be subject to an acceleration clause whereby, in the event the volume weighted average trading price of the Company's shares trading on the TSX Venture Exchange (the \"\n \n Exchange\n \n \"), or any other stock exchange on which the Company's Shar...