Calgary, Alberta–(Newsfile Corp. – September 12, 2022) – BnSellit Technology Inc. (CSE: BNSL) (the “Company”) is pleased to announce that it has closed a non-brokered private placement of unsecured convertible debentures in the aggregate principal amount of $95,000 (the “Convertible debentures“) at the price of $1,000 per principal amount of the convertible debentures (the “Offer“).
The convertible debentures bear interest from the closing date at the rate of 10% per annum, payable monthly in arrears on the 30e day of each calendar month. The Convertible Debentures will mature 18 months from the date of issue of the Convertible Debentures (the “Due date“). The Convertible Debentures will be convertible at the option of the holders into Class A common shares of the Corporation (the “Shares“) at a conversion price of $0.25 per share (the “Processing price“) at any time prior to the close of business on the Maturity Date.
If, after the closing of the Offering and prior to the Maturity Date, the volume weighted average trading price of the Shares on the Canadian Securities Exchange (the “CSE“) for 10 consecutive trading days is equal to or greater than $0.60, the Company may force the conversion of the entire principal amount of the Convertible Debentures at the Conversion Price, by giving the holders of Convertible Debentures 15 days written notice , in accordance with the terms of conversion.
All securities issued under this tranche of the Offer are subject to the applicable legal hold period ending on January 13, 2023. The Offer is subject to the approval of the CSE.
For more information, please contact:
Antonio Comparelli, General Manager
Email: [email protected]
Corey Heerensperger, Chief Financial Officer
Email: [email protected]
About BnSellit Technology Inc.
BnSellit Technology Inc. is a technology company that connects customers staying at hotels and short-term/vacation rental properties (“Hosts”) with items offered for sale or rental by Hosts at their locations . Additionally, Hosts can provide their guests with branded access to local tours, experiences, on-site virtual concierge, housekeeping, maintenance requests, and additional a la carte services. With the BnSellit platform, hosts can now deliver a greatly improved guest experience while increasing their revenue per stay. Hosts simply display their unique BnSellit QR code onsite and/or in-room to engage guests with various offers in over 14 languages. The BnSellit platform works instantly on any mobile device, tablet or computer without the need to download and install an app. To access the complementary suite of BnSellit services, guests pay a monthly fee per room at each location. For all other services, hosts keep 100% of all sales transactions and earn 7% on all experience bookings. With the BnSellit Secure back-office portal, hosts can manage all aspects of their BnSellit profile, including real-time sales reports, inventory, guest management, communications, payment deposits and reconciliation financial.
Neither the CSE nor its Regulation Services Provider (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/136872