Business
RDARS Announces Closing of Private Placement of Debenture Financing
RDARS Announces Closing of Private Placement of Debenture Financing.
About this update from Rdars Inc.
[{"type":"text","content":"Toronto, Ontario--(Newsfile Corp. - September 24, 2023) - RDARS Inc. (CSE: RDRS) (OTCQB: RDRSF) (\"RDARS\" or the \"Company\"), an autonomous robotics and drone technology company developing advanced systems for alarm system augmentation and surveillance, is please to announce that it has closed its previously announced non-brokered private placement (the \"Financing\") of secured convertible debentures (\"Debentures\") for aggregate proceeds to the Company of $675,000 (the \"Funded Amount\").The Debentures issued in the Financing carry a principal amount of $933,750 including an original issuance discount and due diligence fee. The Funded Amount of the Debentures are convertible into common shares of the Company (each, a \"Share\") at a conversion price of $0.15 per Share (the \"Conversion Price\"), and will mature September 22, 2023. The Conversion Price will be subject to customary adjustments in certain events. The Company will have the right to prepay or redeem a part or the entire amount of the Debentures plus any accrued and unpaid interest at any time. The Debentures shall bear interest at a rate of 8.5% per annum from the closing date, paid monthly in cash on the first business day of each calendar month. Any accrued but unpaid interest is convertible into Shares, at the option of the holder at the Conversion Price at any time following the closing date.The Debentures are secured by way of a general security agreement in favour of the holder of Debentures, granting a security interest in substantially all of the Company's assets.The Company intends to use the proceeds from the Financing towards debt repayment and general working capital.All of the securities issued pursuant to this Financing are subject to a statutory hold period of four months and one day from the closing date of the Financing. About RDARS Inc.RDARS possesses a disruptive technology that is advancing the security industry's approach to protecting commercial, industrial, and residential properties, by introducing protection with autonomous artificial intelligence systems that allows for real time response, situation awareness, verification, intervention, evidence recording, data capture, analysis, and immediate downstream transmissions to public safety agencies. RDARS has the ability, upon a property security breach, in real time to receive, analyze, an...