Kuuhubb Announces Closing of €2 Million Convertible Debenture Financing
Kuuhubb Inc., a mobile game development and publishing company focused on providing the female audience with creative interactive gaming experiences, is pleased to announce that further to its press release dated January 20, 2020, it has closed a non-brokered private placement offering of an unsecured Convertible Debenture totaling €2 Million in principal amount (approximately CAD$2.9 million). The Offering is subject to certain conditions including, but not limited to, the receipt of all necessary approvals, including final approval of the TSX Venture Exchange and applicable securities regulatory authorities.
The Debenture will mature 36 months from the date of closing and bear interest at a rate of 10% per annum. The Debenture will be convertible at the option of the holder, in whole or in part, into common shares of the Company at a conversion price of CAD$0.80 per Share.
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The Debenture and the common shares issuable upon the conversion of the Debentures will be subject to a four-month and one day statutory hold period, in addition to such other restrictions as may apply under applicable securities laws in jurisdictions outside of Canada.
Kuuhubb’s CEO, Jouni Keränen stated, “We are delighted to have closed this offering. This funding is significant to furthering the development of our next generation product pipeline, and the continued enhancement of our existing portfolio.”
Kuuhubb is a publicly listed mobile game development and publishing company, targeting the female audience with bespoke mobile experiences. Our presence, investment and knowledge in esports enables us to bring emerging casual mobile esports to our apps and games portfolio. We create games and apps that help our female audience relax, express, and entertain themselves every day. We explore new lifestyle trends that can be converted into games and apps and offer our community unforgettable gaming and esports experiences. Our vision is to become a top player in the space of women’s mobile gaming and casual esports. Headquartered in Helsinki, Finland, Kuuhubb has a global presence with a strong focus on the North American market and a plan to expand into the growing Asian market.