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Hank Payments Announces Private Placement Offering
Toronto, Ontario--(Newsfile Corp. - March 10, 2023) - Hank Payments Corp. (TSXV: HANK) ( "Hank"...
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[{"type":"text","content":"Hank Payments Announces Private Placement OfferingToronto, Ontario--(Newsfile Corp. - March 10, 2023) - Hank Payments Corp. (TSXV: HANK) (\"Hank\" or the \"Company\"), is a North American leader in consumer Fintech Software-as-a-Service (\"SaaS\") in the Banking-as-a-Service (\"BaaS\") market segment. Hank platforms manage consumer cash flow and budgets on an automated basis using proprietary algorithms that collect, store and disburse cash as required to discharge obligations in a timely fashion. Hank announces a non-brokered private placement offering (the \"Offering\") of up to $1,000,000 of units (the \"Units\"). The terms of the Offering are the same as the private placement offering the Company closed on December 16, 2022.Each Unit consists of one $1,000 secured convertible debenture (\"Debentures\") and 3,333 common share purchase warrants (\"Warrant\"). The Debentures mature on and become payable five years from the date of issuance (the \"Term\") and bear interest at a fixed rate of 10% per annum, payable in arrears semi-annually in cash on December 31 and June 30 of each year. The Debentures are secured by the assets of the Company through a general security agreement and rank equally with all other Debentures. 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 $0.075 per share during the first year and $0.10 per share thereafter (the \"Conversion Price\"). The Company may force the conversion of the principal amount of the then outstanding Debentures at any time 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 $0.35. Each Warrant entitles the holder to purchase one common share of the Company at an exercise price of $0.10 per common share for a period of 2 years from the date of issuance. Hank originally received conditional approval for the Offering from the TSX Venture Exchange on February 2, 2023 and have applied for an extension of the price protection to April 10, 2023. Closing will be subject to receipt of subscriptions and a number of other conditions, including, without limitation, the receipt of all r...