Business
Hank Payments Announces Closing of First Tranche of Unit Offering
Toronto, Ontario--(Newsfile Corp. - March 26, 2025) - Hank Payments Corp.  (TSXV: HANK) ( ...
About this update from Futr Corporation
[{"type":"text","content":"Hank Payments Announces Closing of First Tranche of Unit OfferingToronto, Ontario--(Newsfile Corp. - March 26, 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 that it has now completed a first tranche (the \"First Tranche\") of its non-brokered private placement (the \"Offering\") of units of the Company (each a \"Unit\") previously announced on March 6, 2025 for up to $4,000,000. Under the First Tranche of the Offering 34,516,650 Units were issued at a price of $0.02 per Unit for gross proceeds of $690,333. The Company expects to close the balance shortly.Each Unit is priced at $0.02 per Unit and consists of one common share and one half of one (1/2) warrant (a \"Warrant\"). Each whole Warrant is exercisable to acquire one Common Share at a price of $0.05 until June 30, 2027, unless the term of the Warrant is accelerated pursuant to its terms.Net proceeds of the Offering will be used for general working capital and growth initiatives, including potential acquisitions. The Units were offered by way of private placement pursuant to exemptions from prospectus requirements under applicable securities laws. All securities issued under the First Tranche are subject to a hold period expiring July 26, 2025, in accordance with applicable securities laws and the policies of the TSX Venture Exchange (the \"TSXV\"). The Offering has received conditional approval from the TSXV. The purchase of Units pursuant to the Offering by Alex McDougall and Ashish Kapoor, both officers of the Company (collectively, the \"Related Parties\") constituted a \"related party transaction\" as such term is defined by Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions (\"MI 61-101\"). The Company was exempt from the MI 61-101 valuation and minority approval requirements for related party transactions in connection with the Offering because the Company was not listed on a stock exchange specified in section 5.5(b) of MI 61-101, and neither the fair market value of the Units purchased by the Related Parties, nor the proceeds to be received by the Company in respect of the Related Parties' participation in the ...