- TraceSafe (TSF) has closed a non-brokered private placement of unsecured, convertible notes for proceeds of up to C$306,000
- The convertible notes bear an interest rate of 10.5 per cent per annum
- Notes are convertible into units at a conversion price of $0.65 per unit
- TraceSafe will pay eligible finders a fee equal to 3.0 per cent of the aggregate gross proceeds
- TraceSafe is a full suite of real-time location management services and contact tracing solutions
- TraceSafe Inc. (TSF) opened trading at C$0.46 per share
TraceSafe (TSF) has closed a non-brokered private placement of unsecured, convertible notes for proceeds of up to C$306,000.
The convertible notes, which mature 12 months from the closing date, bear an interest rate of 10.5 per cent per annum, payable on the last business day of each month, beginning on November 30, 2021, and are convertible into units at a conversion price of $0.65 per unit. Each unit consists of one common share of TraceSafe and one common share purchase warrant. Each purchase warrant entitles the holder to acquire one common share at an exercise price of $1.25 for a period of two years from the date of issuance. If TraceSafe’s shares trade on the Canadian Securities Exchange at a price of $2.00 per share or greater for twenty consecutive trading days at any time during the 12-month term, TraceSafe will have the right to require the holders of the convertible notes to convert their convertible notes into units.
The notes will be subject to a statutory hold period of four months and one day. The proceeds of the offering will be used for general working capital.
TraceSafe will pay eligible finders a fee equal to 3.0 per cent of the aggregate gross proceeds.
TraceSafe is a full suite of real-time location management services and contact tracing solutions enabled through advanced low-power Bluetooth beacons and enterprise cloud management.
TraceSafe Inc. (TSF) opened trading at C$0.46 per share.