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Hank Payments Completes Initial Tranche of Private Placement Offering
Toronto, Ontario--(Newsfile Corp. - June 14, 2022) - Hank Payments Corp.  (TSXV: HANK) (...
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[{"type":"text","content":"Hank Payments Completes Initial Tranche of Private Placement OfferingToronto, Ontario--(Newsfile Corp. - June 14, 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 has closed an initial tranche of its non-brokered private placement financing of 800 convertible debenture units, (\"Unit\"), for total gross proceeds of $800,000 (the \"Offering\").Key Highlights:Hank will use this financing principally to accelerate its go-to-market strategy and grow its position across the U.S. including to generate Enterprise SaaS account growth of scale.Nominally dilutive financing structure expected to benefit shareholders as the Company generates incremental earnings and continued growth.Automatic conversion into common shares upon reaching a ten (10) day VWAP of $0.50 or greater, twelve (12) or more months from the closing date.\"As we continue to advance our sales funnel, we are pleased to announce this first closing and we look forward to our final closing and the expected income generated by the important Cloud based SaaS business we are growing. Once closed, sales conversions from our growing opportunities pipeline are expected to materially increase Hank's licensing fees as well as fees attributable to our partner institutions all the while improving the financial lives of consumers,\" noted Michael Hilmer, Chairperson and Chief Executive Officer.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 on June 13, 2025 (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 C...