- ApartmentLove (APLV) has announced a private placement of debenture units to raise aggregate gross proceeds of up to C$3,000,000
- The company will issue up to 3,000 convertible debenture units at a price of C$1,000 per debenture unit
- Each unit will consist of one C$1,000 principal amount unsecured convertible debenture and 5,000 common share purchase warrants
- The debentures will mature 24 months from the closing of the offering and will bear interest at a rate of 10 per cent per annum
- ApartmentLove is a leading provider of residential rental marketing services to landlords and property managers around the world
- ApartmentLove Inc. (APLV) opened trading at C$0.13 per share
ApartmentLove (APLV) has announced a private placement of debenture units to raise aggregate gross proceeds of up to C$3,000,000.
The company will issue up to 3,000 convertible debenture units at a price of C$1,000 per debenture unit. Each unit will consist of one C$1,000 principal amount unsecured convertible debenture and 5,000 common share purchase warrants.
The debentures will mature 24 months from the closing of the offering and will bear interest at a rate of 10 per cent per annum, payable in cash on a quarterly basis. The outstanding principal amount of each convertible debenture may be converted into common shares of the company at a price of C$0.20 per share.
Each warrant may be exercised to acquire one common share at an exercise price of C$0.30 for a period of 24 months.
Warrants are subject to an acceleration clause.
ApartmentLove has also granted the agent an option to sell up to an additional C$2,000,000 of debenture units exercisable in whole or in part up until 48 hours prior to the closing date.
The net proceeds will be used to fund the company’s proposed acquisitions, repayment of a portion of the company’s existing debt and general working capital purposes.
All securities issued will be subject to a statutory four-month hold period.
ApartmentLove is a leading provider of residential rental marketing services to landlords and property managers nationwide. ApartmentLove has active rental listings in 30 countries around the world.
ApartmentLove Inc. (APLV) opened trading at C$0.13 per share.
