Business
Hank Payments Announces Completion of Its Previously Announced Private Placement Offering and New Private Placement Offering
Toronto, Ontario--(Newsfile Corp. - August 29, 2022) - Hank Payments Corp.  (TSXV: HANK)...
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[{"type":"text","content":"Hank Payments Announces Completion of Its Previously Announced Private Placement Offering and New Private Placement OfferingToronto, Ontario--(Newsfile Corp. - August 29, 2022) - Hank Payments Corp. (TSXV: HANK) (\"Hank\" or the \"Company\"), a North American leader in consumer Fintech Software-as-a-Service (SaaS) that supports consumer budgeting, cash management and payment automation through it's secure, modern, automated and best-in-class proprietary Cloud-based technology solution and related intellectual property (the \"Hank Payment Platform\" or the \"Platform\") announces it will not complete a second tranche of its previously announced non-brokered private placement on June 14, June 29 and July 29. The Company sold a total of 800 convertible debenture units (each a \"Unit\") for total gross proceeds of $800,000 (the \"Offering\") that mature and become payable on June 13, 2025. The Company is also announcing a new financing for up to $1,000,000 that is under the same terms as the previous convertible debenture Offering (the \"New Offering\").Each Unit consists of one $1,000 convertible debenture (\"Debentures\") and 3,333 common share purchase warrants (\"Warrant\"). The Debentures mature on and become payable 36 months from the closing date (the \"Term\") and bear interest at a fixed rate of 10% per annum, payable quarterly. The Debentures are direct, unsecured obligations of the Company, ranking equally with all other unsecured indebtedness of the Company. At any time during the Term, a holder of Debentures may elect to convert the outstanding net principal amount, or any portion thereof, into common shares at a conversion price of $0.15 per share (the \"Conversion Price\"). The Company may force the conversion of the principal amount of the then outstanding Debentures at any time after the day that is twelve (12) months from the closing date, at the Conversion Price on not less than 5 days' notice if the volume weighted average trading price of the common shares on the TSX Venture Exchange (the \"TSXV\") for any 10 consecutive trading day period is equal to or greater than $0.50. Each Warrant entitles the holder to purchase one common share of the Company at an exercise price of $0.25 per common share and exercisable for twenty-four (24) months from the closing date.The securities offered pursuant to the New Offe...