Credissential Announces Closing First Tranche Of Convertible Note Financing

Core Points - Credissential Inc. has successfully closed the first tranche of its convertible note offering, raising gross proceeds of $360,750 CAD [1] - The convertible notes carry an interest rate of 20% per annum and have a maturity date of twelve months from issuance [2] - The notes are convertible into common shares at a price equal to the closing price on the Canadian Securities Exchange, with a minimum conversion price of $0.05 per share [2] - The net proceeds from the offering will be used to repay certain debts owed to creditors [6] Summary by Sections Offering Details - The offering consists of senior unsecured convertible notes issued to Helena Special Opportunities, LLC [1] - The notes rank pari passu with existing and future senior unsecured indebtedness, senior to subordinated indebtedness, and junior to secured indebtedness [3] - The company has the option to redeem the notes prior to maturity by providing ten trading days' notice and paying 110% of the principal amount being redeemed [4] Ownership Limitations - The convertible notes include a 9.99% ownership limitation, preventing HSO and any joint actors from owning more than 9.99% of the company's common shares post-conversion [5] Regulatory Compliance - All securities issued under the offering are subject to a statutory hold period of four months and one day from the date of issuance in accordance with Canadian securities laws [7] Company Overview - Credissential is an AI-powered financial services software developer [8]