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Promino Announces Secured Convertible Debenture Offering for Proceeds of up to $1 Million
Newsfile· 2025-12-09 12:00
Core Viewpoint - Promino Nutritional Sciences Inc. is initiating a non-brokered private placement of secured convertible debentures, aiming to raise up to $1 million, with a potential increase to $1.5 million, to support its growth plans for 2026 [1][2]. Group 1: Offering Details - The offering consists of secured convertible debentures with a principal amount of $1,000 each, bearing an interest rate of 15% per annum, payable quarterly [2]. - The conversion price for the debentures is set at the greater of $0.05 or the five-day VWAP of the shares prior to the interest payment date [2]. - The offering is subject to approval from the Canadian Securities Exchange (CSE) and is expected to close around January 30, 2026 [4]. Group 2: Use of Proceeds - The net proceeds from the offering will be utilized to accelerate growth through inventory investments and for general corporate purposes [3]. Group 3: Additional Securities - The company has granted 500,000 options to purchase shares at an exercise price of $0.05, with a maturity date of December 3, 2028, to a consultant [6]. Group 4: Company Overview - Promino Nutritional Sciences focuses on science-based nutrition for muscle health and recovery, with its core product being Rejuvenate Muscle Health™, a clinically researched amino acid formula [7]. - The company also produces Promino™, which is NSF Certified for Sport® and trusted by elite athletes [8].