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Hank Payments Completes Additional Private Placement Offering
Toronto, Ontario--(Newsfile Corp. - June 15, 2023) - Hank Payments Corp.  (TSXV: HANK) (" H...
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[{"type":"text","content":"Hank Payments Completes Additional Private Placement OfferingToronto, Ontario--(Newsfile Corp. - June 15, 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 vertical market technology brings to bear enhanced features for Enterprise customers that wish to help their users and themselves manage payments and cash. Hank is pleased to announce that due to additional demand from its financing that closed in April 2023, it has closed an additional non-brokered private placement of 500 units (\"Unit\") for total gross proceeds of $500,000 (the \"Offering\").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 on June 15, 2028, (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 $0.085 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 until June 15, 2025. The proceeds from the Offering will principally be to expand the Company's portfolio of clients and for general working capital. All securities issued pursuant to the Offering are subject to a ...