Business
MiMedia Announces Closing of Private Placement of Convertible Debenture Units
New York, New York--(Newsfile Corp. - July 2, 2025) - MiMedia Holdings Inc. (TSXV: MIM) (OTCQB: M...
About this update from Mimedia Holdings Inc
[{"type":"text","content":"MiMedia Announces Closing of Private Placement of Convertible Debenture UnitsNew York, New York--(Newsfile Corp. - July 2, 2025) - MiMedia Holdings Inc. (TSXV: MIM) (OTCQB: MIMDF) (FSE: KH3) (\"MiMedia\" or the \"Company\"), announced today that it has closed its previously announced private placement offering (the \"Offering\") of 12.5% unsecured convertible debenture units of the Company (the \"Debenture Units\"). Pursuant to the Offering, the Company issued and sold 3,872 Debenture Units for aggregate gross proceeds to the Company of C$3,872,000. Each Debenture Unit consists of: (i) one C$1,000 principal amount unsecured convertible debenture of the Company (a \"Convertible Debenture\"); (ii) 769 subordinate voting share purchase warrants of the Company with an exercise price of C$0.65 per share (each, a \"$0.65 Warrant\"); and (iii) 500 subordinate voting share purchase warrants of the Company with an exercise price of C$1.00 per share (each, a \"$1.00 Warrant\"). The outstanding principal amount of each Convertible Debenture is convertible, at the option of the holder thereof, at any time on and after June 27, 2026, into subordinate voting shares of the Company (the \"Subordinate Voting Shares\") at a conversion price of C$0.50 per Subordinate Voting Share (the \"Conversion Price\"). Each $0.65 Warrant is exercisable to acquire one Subordinate Voting Share at an exercise price of C$0.65 any time on or after June 27, 2026 until June 27, 2027. Each $1.00 Warrant is exercisable to acquire one Subordinate Voting Share at an exercise price of C$1.00 any time on or after June 27, 2026 until June 26, 2027.The Convertible Debentures will mature on June 27, 2027 and will bear interest at a rate of 12.5% per annum, payable in cash or Subordinate Voting Shares, at the option of the Company, on a semi-annual basis. Any payment of interest pursuant to the issuance of Subordinate Voting Shares will be subject to the prior approval of the TSX Venture Exchange (the \"Exchange\") and the issue price per Subordinate Voting Share shall be at the then applicable Market Price (as such term is defined in the applicable policies of the Exchange). The first interest payment date for the Convertible Debentures will be December 31, 2025.The net proceeds of the Offering will be used for working capital and general corporate purposes. MiMedia's CEO, C...