Hank Payments (TSXV:HANK) closes private placement

Hank Payments Corp. (HANK) has closed a non-brokered private placement financing for total gross proceeds of $ 700,000The company issued 700 units consisting of secured convertible debentures and share purchase warrantsThe debentures mature on December 16, 2027, and bear interest at a fixed rate of 10 per cent per annumThe proceeds will be used primarily to expand the company’s portfolio of clients and for general working capitalHank is a Fintech software-as-a-service (SaaS) company that supports consumer budgeting and cash management automationHank Payments Corp. (HANK) ended the day trading at C$ 0.05 per share

Hank Payments Corp. (HANK) has closed a non-brokered private placement financing for total gross proceeds of $ 700,000.

The company issued 700 units. Each unit includes one $ 1,000 secured convertible debenture and 3,333 common share purchase warrants. The debentures mature on December 16, 2027, and bear interest at a fixed rate of 10 per cent per annum, payable semi-annually in cash on December 31 and June 30 of each year.

The assets of the company secure the debentures. At any time during the term, a holder of debentures may elect to convert the outstanding net principal amount into common shares at a conversion price of $ 0.075 per share during the first year and $ 0.10 per share thereafter.  Each warrant entitles the holder to purchase one common share at an exercise price of $ 0.10 per common share until December 16, 2024.

The proceeds will be used primarily to expand the company’s portfolio of clients and for general working capital.

While the company is offering a seven percent cash and seven percent warrant to brokers, no finder’s fees or commissions were paid in connection with the first tranche of the offering.

All securities issued are subject to a statutory four-month hold period. 

Hank is a Fintech software-as-a-service (SaaS) company that supports consumer budgeting and cash management automation.

Hank Payments Corp. (HANK) ended the day trading at C$ 0.05 per share.

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