HealthSpace Announces Secured Convertible Debenture Financing
HealthSpace Data Systems Ltd. intends to issue and sell by way of private placement secured convertible debentures for an aggregate principal amount of up to $500,000. In conjunction with the private placement, the company also announces that it has amended the terms of the secured convertible debentures issued on Sept. 29, 2016, by extending the maturity date for a period of two years. A portion of the net proceeds of the CD financing will be used to extinguish a portion of the previous debentures and the balance will be used for general working capital. After this transaction is complete, HealthSpace will have an aggregate amount of $795,000 of total convertible debentures outstanding.
The debentures will bear interest at a rate of 10 per cent per annum payable monthly. The debentures will mature two years from the date of issuance and will be convertible into common shares of the company at 7.5 cents per share if converted within 12 months from the date of issuance of the debenture, and 10 cents if converted after 12 months from the date of issuance of the debenture.
The debentures will be secured by a general security agreement issued in favour of the holders of the debenture.
The completion of the CD financing and previous debentures are subject to the approval of the Canadian Securities Exchange on such terms as the CSE may require.
The company also announces that it has granted stock options to a consultant and employee of the company. The stock options granted allow the optionees the ability to purchase a combined total of 65,000 common shares of the company at an exercise price of eight cents per share for a five-year term.
The company also announces that it has extinguished its previously announced (Sept. 7, 2018) shares for debt settlement of $100,000 in debt to one creditor for services provided to the company through the issuance of one million shares at a price of 10 cents.
About HealthSpace Data Systems Ltd.
HealthSpace is an industry-leading technology company currently providing inspection, information, communication and data management systems for federal, state, county and municipal governments. Over the last decade, HealthSpace has successfully developed both enterprise and mobile Internet-based applications currently serving over 300 state and local government organizations across North America.
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August 12, 2017