- Smart Employee Benefits (SEB) has announced an agreement with Co-operators Financial Services Limited to issue a $5M convertible debenture
- The debenture will have an interest rate of 12 per cent per annum and will mature on November 30, 2025
- The proceeds of the financing will be used by SEB for general working capital purposes
- The company anticipates closing the financing on or around February 25, 2022
- SEB is a provider of IT and benefits processing software, solutions and services for the Life and Group benefits marketplace and government
- Smart Employee Benefits Inc. (SEB) opened trading at C$0.205 per share
Smart Employee Benefits (SEB) has announced an agreement with Co-operators Financial Services Limited to issue a $5M convertible debenture.
The principal amount of the debenture will be convertible into common shares of SEB at a conversion price of $0.25 per share at the option of the holder.
The debenture will have an interest rate of 12 per cent per annum, paid quarterly on the last day of May, August, November and February of each year, with the principal payment due at the maturity date, November 30, 2025.
The debenture and any shares issued upon its conversion will be subject to a hold period expiring four months and one day after the closing of the financing.
Completion of the financing is subject to the approval of the TSXV.
The proceeds of the financing will be used for general working capital purposes including the repayment of select payables.
The company anticipates closing the financing on or around February 25, 2022.
SEB is a provider of leading-edge IT and benefits processing software, solutions and services for the Life and Group benefits marketplace and government.
Smart Employee Benefits Inc. (SEB) opened trading at C$0.205 per share.