Axis Auto Finance Inc. (TSXV:AXIS) announced a private placement of convertible unsecured subordinated debentures for gross proceeds of up to $5 million on September 4, 2019. Each debenture will be convertible at the option of the holder at a conversion price of $0.45 per share. The debentures will have a maturity date of June 30, 2023 an will carry an interest rate of 7.5% per annum. The transaction will include participation from new investors Westlake Services, LLC and Nowcom Corporation. The transaction is subject to TSX Venture Exchange and Regulatory approvals. The company expects to close the first tranche for proceeds of $2 million on or about September 9, 2019.