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Pool Safe Inc. Announces Closing of Concurrent Non-Brokered Private Placements of Common Shares and Senior Secured Convertible Debentures for Gross Proceeds of $3 Million
Toronto, Ontario--(Newsfile Corp. - May 4, 2026) - Pool Safe Inc. (TSXV: POOL) (" Pool ...
About this update from Pool Safe, Inc.
[{"type":"text","content":"Pool Safe Inc. Announces Closing of Concurrent Non-Brokered Private Placements of Common Shares and Senior Secured Convertible Debentures for Gross Proceeds of $3 MillionToronto, Ontario--(Newsfile Corp. - May 4, 2026) - Pool Safe Inc. (TSXV: POOL) (\"Pool Safe\" or the \"Company\") is pleased to announce that it has closed its previously announced non-brokered private placements, raising aggregate gross proceeds of approximately $3.02 million consisting of: (i) a private placement of common shares of the Company (the \"Shares\") for gross proceeds of $1,011,550 at a price of $0.30 per Share (the \"Equity Offering\"); and (ii) a private placement of $2,009,000 principal amount of senior secured convertible debentures of the Company (each, a \"Convertible Debenture\") at a price of $1,000 per Convertible Debenture (the \"Debenture Offering\"; together with the Equity Offering, the \"Offerings\").In connection with the Debenture Offering, each Convertible Debenture bears interest at a rate of 12% per annum, payable quarterly on the fifth business day of each quarter in cash and will mature on the date that is 36 months from the applicable closing date. Each Convertible Debenture will be convertible, at the option of the holder, into Shares (the \"Underlying Shares\") at a conversion price of $0.50 per Underlying Share until maturity. The Convertible Debentures will not be listed on any exchange.The Convertible Debentures will be senior secured obligations of the Company and are secured by (i) a general security agreement over all present and after-acquired assets of the Company and (ii) an assignment of revenues and receivables under key revenue-generating contracts of the Company, including the LounGenie contracts, in each case to the extent permitted and subject to required third-party consents, as set out in the definitive documentation.The net proceeds from the Offerings are expected to be used for the purchase of inventory for LounGenie deployments, repayment of the Company's senior secured debenture and other legacy debt, and general working capital purposes.The Offerings were completed by way of private placement exemptions in all provinces of Canada and in such jurisdictions outside of Canada (including the United States) as may be agreed by the Company, provided that no prospectus filing or comparable obligation...