Received Lead Order for $250,000
"We are pleased to see continued support from our existing shareholders in this new financing," said Laurie Freudenberg, CEO of Mijem. "With current cash on hand and this new financing, Mijem will be well positioned to grow adoption of our app across university and college campuses throughout North America. Our digital campaigns and go-to-market strategy are beginning to show results, and this capital will enable us to accelerate driving users to the platform."
The use of proceeds will be used for sales and marketing, specifically focused on driving user growth, ongoing feature enhancements, and general working capital requirements.
Terms of the Financing
Under the terms of the Convertible Debenture Financing, each Convertible Debenture consists of $1,000 face value and matures thirty-six (36) months from the date of the issuance (the "Maturity Date"), and bears interest at a rate of ten percent (10%) per annum (the "Interest"), which will accrue annually until conversion or maturity.
Each Convertible Debenture will be convertible into Common Shares at the option of the holder at any time after the one-year anniversary from the date of issuance and before the close of the third business day prior to the Maturity Date. Each Convertible Debenture will convert at a price equal to a 20% discount to the volume weighted average trading price of the common shares (subject to CSE minimum pricing rules) for the ten day period ending on the one-year...
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