Business
TIMIA Announces Close of 12% D Round Debenture Offering
VANCOUVER, BC / ACCESSWIRE / September 19, 2017 / TIMIA Capital Corp. ("TIMIA" or the "C...
About this update from Montfort Capital Corp
[{"type":"text","content":"TIMIA Announces Close of 12% D Round Debenture OfferingVANCOUVER, BC / ACCESSWIRE / September 19, 2017 / TIMIA Capital Corp. (\"TIMIA\" or the \"Company\") (TSX-V: TCA) is pleased to announce the closing of its $1 million 12% \"D Round\" Debenture Offering (the \"Debentures\") as previously announced on February 2, 2017.\n\nTIMIA closed $673,200 in new Debentures from both new and existing Accredited Investors. These proceeds are in addition to the $650,000 from the issuance of common share equity announced on July 11, 2017 and the $294,000 of warrant exercise proceeds announced on September 18th, 2017.\n\nTIMIA will use these proceeds to expand its growing portfolio of revenue financing investments. The Company has completed five revenue finance deals to date, has successfully exited one of those investments, and expects to close new investments in the near term. Please see the Forward-Looking Information Disclosure below.\n\nSince the company was formed in August 2015, TIMIA has paid its debenture investors more than $527,000 of interest, all funded by its portfolio of Revenue Finance deals.\n\"We look forward to continuing to grow our portfolio and our monthly revenue, and passing a portion of it on to our investors in the form of interest,\" said Mike Walkinshaw, CEO of TIMIA.\n\nThe Debentures pay 12% annual interest and will be secured against the assets of the Company. They will mature on June 15, 2022 with an option for early redemption by the Company after 3 years from the date of issuance.\n\nFor investors who purchased $50,000 or more of Debentures, TIMIA will provide warrant coverage (the \"Warrants\") on the common shares of the Company at the rate of 4,000 Warrants per $10,000 of Debenture. Each Warrant entitles the holder to purchase one common share of the Company at a price of $0.25, with a term that matches the life of the Debentures.\n\nThe Debentures, the Warrants, and any common shares issuable upon exercise thereof, will be subject to a four-month hold period in accordance with applicable securities laws. The closing of this offering is subject to the approval of the TSX Venture Exchange.\n\nFor more information, please contact:\n\nMike Walkinshaw\nChief Executive Officer\nTIMIA Capital Corp.\nphone: (604) 398-8839\nemail: [email protected]\nAbout TIMIA Capital Corporation\nTIMIA Capital Corporation is ...