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Venzee Technologies Closes First Tranche of Convertible Debenture Financing

Venzee Technologies Inc., the artificial intelligence (AI) platform for product data, is pleased to announce that it has closed the first tranche of its previously announced non-brokered private placement offering of unsecured convertible debentures. The principal sum of Debentures issued in the first tranche totals CAD $175,000. The Company may close further tranches.

John Abrams, CEO of Venzee, said, “We deeply appreciate the continued support from our investors, who continue to see the progress and enormous potential of Venzee as the disruptive AI platform for transforming and optimizing supply chains.”

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The Debentures will have a maturity date of three years from the date of issuance and shall bear interest at a rate of 5% per annum, payable every six months. The principal sum of the Debentures, or any portion thereof, are convertible at the option of the holder, anytime after six months, into debenture units at CAD $0.05 per Debenture Unit for the first year. In subsequent years, the Debentures are convertible at the greater of $0.10 or Market Price. Each Debenture Unit consists of one common share and one common share purchase warrant with each Warrant exercisable at CAD $0.08 for 36 months from the date of issuance. The Warrants will also be subject to an acceleration clause whereby, in the event the volume weighted average trading price of the Company’s shares trading on the TSX Venture Exchange, or any other stock exchange on which the Company’s Shares are then listed, is equal to or greater than $0.25 for a period of 30 consecutive trading days, the Company will have the right, but not the obligation, to accelerate the expiry date of the Warrants by giving written notice to the holders that the Warrants will expire on a date that is not less than 30 days from the date of notice.

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In connection with the Debenture Offering, the Company paid finder’s fee to certain registered brokerage firms, which was comprised of cash payment of $14,000 and the issuance of 280,000 finders’ warrants upon the same terms and conditions as the Warrants.

The Debentures, Debenture Units, Warrants and any Common Shares resulting from the conversion of the Debentures or the exercise of Debenture Warrants will be subject to a hold period of four months and one day after the date of issuance thereof. The Company intends to use the proceeds of the Debenture Offering for general working purposes.

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