- HIRE Technologies (HIRE) has entered into an agreement with Eight Capital to lead a brokered private placement
- The offering includes up to $5,000,000 aggregate principal amount of convertible debenture units priced at $1,000 per unit
- Net proceeds will be used for future acquisitions, working capital and general corporate purposes
- Hire Technologies is focused on the acquisition of information technology, staffing, and HR consulting firms
- HIRE Technologies Inc. (HIRE) opened trading at C$0.45 per share
HIRE Technologies (HIRE) has entered into an agreement with Eight Capital to lead a brokered best efforts private placement.
The offering includes up to $5,000,000 aggregate principal amount of convertible debenture units priced at $1,000 per unit.
Eight Capital will have an option to sell up to 750 additional units for a maximum aggregate gross proceeds from the offering of $5,750,000.
Each unit will include one unsecured convertible debenture in the principal amount of $1,000 and common share purchase warrants exercisable for 50% of the number of common shares issuable on the conversion of a convertible debenture.
Simon Dealy, CEO of HIRE Technologies commented,
“Given our robust 2020 performance, and growing acquisition pipeline, I’m very pleased to allocate these funds towards organic revenue growth and our disciplined M&A program.”
Net proceeds will be used for future acquisitions, working capital and general corporate purposes.
The company has agreed to pay Eight Capital a cash fee equal to 7% of the gross proceeds raised from the offering and non-transferable warrants entitling the holder to purchase common shares equal to 7% of the gross proceeds of the offering divided by the conversion price. Each broker warrant is exercisable for one Common Share at the conversion price until 36 months after the closing date.
The offering is expected to close on or about June 1, 2021. The offering is subject to the receipt of Exchange acceptance.
Hire Technologies is focused on the acquisition of information technology, staffing, and HR consulting firms.
HIRE Technologies Inc. (HIRE) opened trading at C$0.45 per share.
