Delic Holdings Corp (OTCQB:DELCF) (CSE:DELC) (FRA: 6X0) completed the sale of 1,240 units at a price of $1,000 per unit for aggregate gross proceeds of $1.24 million, on July 27, 2022. Each unit consists of one 4.0% senior secured, $1,064 principal amount convertible debenture and 16,369 share purchase warrants.
The principal amount and accrued but unpaid interest on each debenture is convertible at the option of the holder into common shares of the company at any time following the closing date at a price of $0.065 per common share. The debentures will mature 24 months from the closing date and will bear interest at a rate of 4% per annum, payable quarterly on the last business day of each calendar quarter. At the maturity date, all principal amounts outstanding together with any unpaid interest must be repaid. The debentures are represented by certificates and secured by security interests over substantially all of the company's assets, similar security interests over the assets of its direct subsidiaries, and pledges of the shares of each of its direct and indirect subsidiaries. Each warrant entitles the holder to purchase one common share at an exercise price of $0.10 at any time up to 2 years following the closing date.
