CLIP MONEY INC. ("CLIP")
BULLETIN TYPE: Private Placement-Non-Brokered, Convertible Debenture/s
BULLETIN DATE: September 20, 2023
TSX Venture Tier 2 Company
TSX Venture Exchange has accepted for filing documentation with respect to a Non-Brokered Private Placement announced February 21, 2023, March 28, 2023 and April 13, 2023:
Convertible Debenture $3,903,713.50
Conversion Price: Convertible into units, consisting of 7,807,427 common shares and 3,903,714 common share purchase warrant, at $0.50 of principal outstanding.
Maturity date: 36 months from the date of issuance, subject to certain acceleration rights
Warrants Each warrant will have a term of three years from the date of issuance of the notes and entitle the holder to purchase one common share. The warrants are exercisable at the price of $0.70 during their term, subject to an acceleration right.
Interest rate: 12%
Number of Placees: 33 placees
Insider / Pro Group Participation:
Placees # of Placee (s) Aggregate amount of Debentures ($)
Aggregate Existing Insider Involvement: 5 $1,107,350
Aggregate Pro Group Involvement: N/A N/A
Aggregate Cash Amount Aggregate #
of Shares Aggregate #
of Warrants
Finder's Fee: $13,510 N/A 13,510 Warrants
Finder's Warrants Terms: Each warrant entitles the holder to purchase one common share at the price of $0.70 for period of three years from the date of issuance.
The Company issued news releases on May 4, 2023, June 14, 2023 and August 15, 2023 confirming closing of the private placement. Note that in certain circumstances the Exchange may later extend the expiry date of the warrants, if they are less than the maximum permitted term.
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