VANCOUVER, British Columbia, April 18, 2019 (GLOBE NEWSWIRE) -- HIT Technologies Inc. (the "Company"; TSX.V: HIT) is pleased to announce that, further to its first tranche closing on April 11, 2019, it has completed its second and final tranche of its convertible debenture private placement previously announced on March 22, 2019 (the “Financing”). In connection with the second tranche closing, the Company issued secured convertible debentures (the “Debentures”) in the aggregate principal amount of $167,368.68 and issued an aggregate of 3,347,373 in detachable share purchase warrants (the “Warrants”). Together with its first tranche closing, the Financing was fully subscribed for aggregate gross proceeds of $1.2 million and the Company issued an aggregate of 22,499,499 share purchase warrants.
The Debentures will bear interest at the rate of 10% per annum with a two-year term maturing on April 17, 2021. Furthermore, the Debentures are convertible at a price of $0.05 per share until April 17, 2020 and thereafter at $0.10 per share until April 17, 2021. Each Warrant will be exercisable to acquire one common share of the Company at a price of $0.05 per share until April 17, 2021.
The Company plans to use the funds from the second tranche of the Financing to fund ongoing operations, including the production of inventory and for general working capital purposes. All securities issued in connection with the above transactions will be subject to a four-month statutory hold period until August 17, 2019. The second tranche of the Financing remains subject to the final approval of the TSX Venture Exchange.
ON BEHALF OF THE BOARD OF DIRECTORS OF
HIT TECHNOLOGIES INC.
Brooks Bergreen
Chief Executive Officer
Neither the TSX Venture Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.
For more information, contact:
Brooks Bergreen
Chief Executive Officer
Tel: 604.657.3882
Website: hitcase.com