- ICEsoft Technologies Canada (ISFT) secures a non-brokered convertible promissory note financing
- The company will assume C$800K of secured convertible promissory notes
- The promissory notes hold an interest rate of 15 percent per annum
- ICEsoft Technologies (ISFT) is a software-as-a-service (SaaS) company
- ICEsoft Technologies (ISFT) is unchanged today, trading at C$0.03 at 2:57 pm ET
ICEsoft Technologies Canada (ISFT) has secured a non-brokered convertible promissory note financing.
The company will assume up to C$800K of secured convertible promissory notes with provisions to migrate an additional $100K in existing debt to the new debt instrument.
The promissory notes hold an interest rate of 15 percent per annum. Interest will accrue and carry for the term. The term of the promissory notes lasts 36 months, and the note holders shall have the right to convert all or part of the outstanding note principal into common A shares of the company at $0.05/share.
The company anticipates directors and officers shall participate in the debt financing through a combination of cash payments and debt settlement. Total aggregate insider participation is expected not to exceed C$900K.
The non-brokered secured convertible promissory note financing is anticipated to close on Friday September 9, 2022.
The shares issued pursuant to exercise of the promissory notes conversion feature will be subject to a hold period under applicable securities laws, which expires 4 months from date of the issuance of the shares. Closing is subject to receipt of all necessary corporate and regulatory approvals, including approval of the Canadian Securities Exchange.
ICEsoft Technologies (ISFT) is a software-as-a-service (SaaS) company.
ICEsoft Technologies (ISFT) is unchanged today, trading at C$0.03 at 2:57 pm ET.