- TraceSafe (TSF) has closed a convertible note financing with institutional investor Arena Investors LP, for gross proceeds of US$3.0 million
- The convertible note will be issued at a total face value of US$3.2 million, bearing a 12 per cent interest rate per annum, payable quarterly
- The financing will help the company expand it’s presence in the U.S. market
- TraceSafe is a global leader in location-aware Internet of Things (IoT) for large-scale industrial and enterprise operations
- TraceSafe Inc. (TSF) opened trading at C$0.47 per share
TraceSafe (TSF) has closed a convertible note financing with institutional investor Arena Investors LP, for gross proceeds of US$3.0 million.
The financing was conducted in the United States as a private placement and in Canada as a non-brokered private placement. The convertible note will be issued at a total face value of US$3.2 million, bearing a 12 per cent interest rate per annum, payable quarterly. The note may be converted into shares of TraceSafe.
“It has been a remarkable year in performance for TraceSafe. This financing will propel us into the next phase of our growth that starts with expanding our reach into the U.S. capital markets and client pool,” said Wayne Lloyd, TraceSafe CEO.
“Every organization is facing unique challenges in driving sustainability and efficiency in their operations. With our proven ability to evolve quickly and solve problems effectively, we are well-placed to become a one-stop solution for the organizations that are ready to transform for a sustainable future.”
The transaction, structured by New York-based investment bank EF Hutton, will help pave the way for executing on larger value-creating milestones for customers and shareholders in the upcoming months.
TraceSafe is a global leader in location-aware Internet of Things (IoT) for large-scale industrial and enterprise operations.
Its full suite of real-time location management services and contact tracing solutions is enabled through advanced low-power Bluetooth beacons and enterprise cloud management.
TraceSafe’s leading cloud management solution ensures both user privacy and comprehensive administrative control, and its patented contact tracing bracelet has already been deployed in mission-critical quarantine applications around the world.
TraceSafe Inc. (TSF) opened trading at C$0.47 per share.
