Perk Labs Inc. (CSE:PERK, OTCQB:PKLBF) said it aims to complete a non-brokered private placing of debenture units at C$10,000 each for gross proceeds of up to $500,000 for general working capital.
Each debenture unit consists of a 15% unsecured convertible debenture in the principal amount of $10,000, and 200,000 share purchase warrants.
The debentures will mature three years following closing and are convertible at any time, after four months and one day from closing, into shares at a conversion price of $0.05 each.
The debentures will bear interest at a rate of 15% a year payable quarterly starting on March 30, 2023.
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Each warrant will entitle the holder to buy one share for $0.05 for three years from closing provided that if, at any time, after four months and one day following closing, the volume weighted average trading price of the shares on the CSE is at least $0.40 per share for five consecutive trading days.
The expiry date of the warrants may be accelerated by the company to a date that is not less than 21 days after the date that notice of such acceleration is provided to warrant holders.
The closing of the private placing is expected to occur on or around December 30 this year, and is subject to regulatory approval.
Perk Labs is the owner of Perk Hero, the mobile commerce platform, which is on a mission to empower business owners with digital tools to provide their customers with dining experiences that are more engaging, convenient and rewarding.
Contact the writer at giles@proactiveinvestors.com