- Tenet Fintech Group (PKK) has sold 351 units for gross proceeds of C$3,510,000 under the second tranche of its private placement financing
- Under the private placement, the company will sell up to 700 units for gross proceeds of $7,000,000
- Each unit sold consists of $10,000 in non-secured convertible debentures and 10,000 warrants to purchase common shares at a price of $2.00 per share
- Tenet Fintech Group Inc. is the parent company of a group of innovative financial technology (Fintech) and artificial intelligence (AI) companies
- Tenet Fintech Group Inc. was up 4.49 per cent, trading at $0.93 at 09:55 ET
Tenet Fintech Group (PKK) has sold 351 units for gross proceeds of C$3,510,000 under the second tranche of its private placement financing.
Under the private placement, the company will sell up to 700 units for gross proceeds of $7,000,000.
Each unit sold consists of $10,000 in non-secured convertible debentures and 10,000 warrants to purchase common shares at a price of $2.00 per share any time prior to the expiry date of the warrants.
The debentures will mature twenty-four months from the date of their issuance, and the warrants will expire twenty-four months from the date of their issuance.
The debentures will bear an annual interest of 10 per cent, payable in cash. Interest shall be paid by Tenet monthly, starting on the last day of the first month following the date of issuance of the debentures.
Tenet had previously sold units for gross proceeds of $3,080,000, bringing the total raised in the financing to C$6,590,000.
Tenet plans to use the proceeds of the financing for working capital related to its Canadian operations.
The company may close additional rounds of the financing for gross proceed of up to the maximum amount of $7,000,000 of the financing until the company has satisfied any remaining conditions and has obtained a receipt from the Ontario Securities Commission (OSC), for a final prospectus to proceed with its pending public offering financing of up to $30,000,000.
Tenet Fintech Group Inc. is the parent company of a group of innovative financial technology (Fintech) and artificial intelligence (AI) companies.
Tenet Fintech Stock was up 4.49 per cent, trading at $0.93 at 09:55 ET.
