Pool Safe Closes First Tranche of $1 Million Convertible Debenture Financing

About this update from Pool Safe, Inc.

[{"type":"text","content":"Pool Safe Closes First Tranche of $1 Million Convertible Debenture FinancingToronto, Ontario--(Newsfile Corp. - June 1, 2023) - Pool Safe Inc. (TSXV: POOL) (\"Pool Safe\" or the \"Company\") is pleased to announce the closing of the first tranche of its previously announced non-brokered debenture financing (the \"Debenture Financing\"). The Company closed on 420 Debenture Units (\"Debenture Units\") for gross proceeds of $420,000.Under the terms of the Debenture Financing, each Debenture Unit consists of (a) one $1,000 face value debenture (\"Debenture\"), and (b) 28,500 common share bonus warrants of the Company (the \"Financing Warrants\"). The Debentures mature thirty-six (36) months from the date of the issuance (the \"Maturity Date\"), and bear interest at a rate of eight percent (8%) per annum (the \"Interest\"). Each Financing Warrant entitles the holder to acquire one (1) common share of the Company (\"Common Share\") at an exercise price of $0.05 for a period of 36 months from the closing date of the Debenture Financing (the \"Closing Date\"). If at any time the Common Shares trade at higher than $0.15 per Common Share (on a volume weighted average basis) for a period of 20 consecutive trading days (the \"Early Expiry Event\"), the Company has the right to accelerate the expiry date of the Financing Warrants by providing the holder with written notice of an Early Expiry Event (the \"Early Expiry Notice\"). The period whereby the holder is entitled to exercise any portion of outstanding Financing Warrants shall expire 30 calendar days following the date on which the company provides Early Expiry Notice to holders (the \"Early Expiry Date\"). Furthermore, if a portion of the Debentures are repaid during the first year following the Closing Date, a proportional number of the Financing Warrants shall have their term reduced to the later of one year from the Closing Date and 30 days from repayment of that portion of the Debenture. All Debentures and Financing Warrants issued pursuant to the Debenture Financing are subject to a statutory hold period of four months plus one day from the date of issuance, in accordance with applicable securities legislation. As part of the first tranche of the Debenture Financing, the Company has not paid any finder's fee. The Company intends to use approximately 30% of the net proceeds from th...

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