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Hank Payments Announces Closing of Equity Financing and Shares for Debt Transaction
Toronto, Ontario--(Newsfile Corp. - February 18, 2025) - Hank Payments Corp.  (TSXV: HANK) ...
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[{"type":"text","content":"Hank Payments Announces Closing of Equity Financing and Shares for Debt TransactionToronto, Ontario--(Newsfile Corp. - February 18, 2025) - Hank Payments Corp. (TSXV: HANK) (\"Hank\" or the \"Company\"), an emerging North American leader in the Banking-as-a-Service (BaaS) market with a platform that modernizes budgets and payments for enterprises and consumers is pleased to announce the closing of a non-brokered private placement of $350,000 and shares for debt settlements.The Company has closed a non-brokered private placement (the \"Placement\") offering of 11,666,667 common shares (\"Shares\") at a price of $0.03 per Share for the aggregate principal amount of $350,000. The proceeds of the Placement will be used for debt repayment and working capital purposes. The Common Shares are subject to a four-month plus one day hold period from the date of issuance. The Offering is subject to final acceptance of the TSX Venture Exchange (\"TSXV\").The Company is also pleased to announce it has entered into agreements with certain creditors for the settlement of amounts owing in the aggregate amount of $461,675 in exchange for the issuance of an aggregate of 13,764,163 shares (the \"Debt Settlements\"). As previously announced in its press release dated January 23, 2025, the Debt Settlements include shares issued for $197,745 (6,591,508 shares) and $143,342 (4,760,895 shares) of principal and interest owed to arm-length and related parties respectively. Further, fees owed to former directors of the Company and arms-length parties of $85,588 (1,711,760 shares) and $35,000 (700,000 shares) are included in the Debt Settlements.The Debt Settlements include the settlement of an aggregate of $143,342 with three of the Company's management and board members (the \"Related Creditors\") in exchange for the issuance of an aggregate of 4,760,895 Debt Shares. The issuance of the Debt Shares to the Related Creditors constitutes a \"related party transaction\" as this term is defined in Multilateral Instrument 61-101: Protection of Minority Securityholders in Special Transactions (\"MI 61-101\"). The independent directors of the Company, acting in good faith, determined that the fair market value of the Debt Shares being issued pursuant to the shares for debt transaction and the consideration being paid is reasonable. The Company intends to rely...