- Hank Payments (HANK) has closed the first tranche of its non-brokered private placement financing for gross proceeds of $800,000
- Under the first tranche, the company issued 800 convertible debenture units priced at $1,000
- Each debenture consists of one convertible debenture and 3,333 common share purchase warrants
- The debentures mature on June 13, 2025, and bear interest of 10 per cent per annum
- Hank is a Fintech software-as-a-service (SaaS) company that supports consumer budgeting and cash management automation
- Hank Payments Corp. (HANK) opened trading at C$0.10
Hank Payments (HANK) has closed the first tranche of its non-brokered private placement financing for gross proceeds of $800,000.
Under the first tranche, the company issued 800 convertible debenture units priced at $1,000. Each debenture consists of one convertible debenture and 3,333 common share purchase warrants.
Each warrant entitles the holder to purchase one additional share at an exercise price of $0.25 until June 13, 2024. The debentures mature on June 13, 2025, and bear interest of 10 per cent per annum, payable quarterly. The debentures will be converted into common shares upon reaching a share price of $0.50 for ten consecutive days or 12 months following the closing of the offering.
Hank will use this financing principally to accelerate its go-to-market strategy and grow its position across the U.S.
Michael Hilmer, Chairman and Chief Executive Officer of Hank Payments, commented on the announcement.
“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.”
Hank is a Fintech software-as-a-service (SaaS) company that supports consumer budgeting and cash management automation.
Hank Payments Corp. (HANK) opened trading at C$0.10.
