Source: Benzinga

Siyata Mobile: Siyata Mobile Closes Non-Brokered Private Placement of CDN$1,330,000 in Unsecured Convertible Debentures

NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATESMONTRÉAL, June 26, 2020 (GLOBE NEWSWIRE) -- Siyata Mobile Inc. (TSXV:SIM, OTCQX:SYATF) is pleased to announce it has completed its previously announced non-brokered private placement financing (the "Offering") pursuant to which Accel Telecom Ltd. ("Accel") subscribed for 1,330 senior unsecured convertible debentures (the "Convertible Debentures") at an issue price of CDN$1,000 per Convertible Debenture for aggregate gross proceeds of CDN$1,330,000.Each Convertible Debenture is convertible, at the option of the holder, into 3,333 common shares in the capital of the Company (the "Common Shares" and each, a "Common Share") at a price of CDN$0.30 (the "Conversion Price") per Common Share, subject to adjustment in certain events.Each Convertible Debenture bears interest at a rate of 10.0% per annum from the date of issue, payable in cash quarterly in arrears. Any unpaid interest payments will accrue and be added to the principal amount of the Convertible Debenture.The Convertible Debentures will mature on June 26, 2021 (the "Maturity Date") and are redeemable at 101% of the face value at any time after the closing date.Accel received 1,330,000 non-transferrable common share purchase warrant (each, a "Warrant"). Each Warrant entitles the holder thereof to purchase one Common Share (each, a "Warrant Share") at an exercise price of CDN$0.30 per Warrant Share until June 26, 2021.Due to Accel's relationship as an insider to the Company, the Offering is considered a "related party transaction" as defined under Multilateral Instrument 61-101 ("MI 61-101"). Pursuant to Section 5.5(a) and 5.7(1)(a) of ...Full story available on Benzinga.com

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Siyata Mobile develops and provides ideal truck phone communications devices for commercial vehicles, trucks and fleets. Read more