- Zonetail (ZONE) has announced a non-brokered private placement of up to $1,000,000 in Series A 20-per-cent secured notes
- The secured notes will be offered at a purchase price of $1,000 per note
- The company intends to use the proceeds from the offering to grow its property portfolio
- Zonetail connects high-rise residents to products, amenities, and services
- Zonetail Inc. (ZONE) was unchanged at $0.03 at 10:08 AM ET
Zonetail (ZONE) has announced a non-brokered private placement of up to $1,000,000 in Series A 20-per-cent secured notes.
The secured notes will be offered at a purchase price of $1,000 per note.
The company intends to use the proceeds from the offering to grow its property portfolio.
The notes will be granted a security interest ranking equivalent to other notes in this offering. Interest will accrue on the principal amount of the notes at 20.00 per cent per annum, payable annually in arrears.
The maturity date for repayment of the notes may be extended, at the option of the company, for up to an additional 12 months, on payment of additional interest at the rate of 2 per cent.
The corporation will pay on account of accrued and unpaid interest (to the extent payable in cash) first and payments on account of principal second, 40 per cent of monthly cash received from gross revenue in excess of $150,000.
The principal amount of each note and all accrued and unpaid interest may be converted into common shares of the corporation, with each share priced at $0.05 per share for the first year from closing and $0.10 per share thereafter.
Each warrant shall be exercisable into one common share of the corporation for one year from the closing date at an exercise price of $0.05 warrant. The warrants will be issued as certificates in registered form to the subscribers under the offering.
The initial closing of the offering is expected to occur on or about March 31, 2023, but is at the discretion of the company and is subject to certain conditions, including the receipt of all necessary regulatory approvals, including the approval of the TSX Venture Exchange.
Zonetail’s mobile platform connects high-rise residents to products, amenities, and services.
Zonetail Inc. (ZONE) was unchanged at $0.03 at 10:08 AM ET.