Icarus Capital Corp. announced a private placement of 10% convertible debentures for gross proceeds of CAD 200,000 on March 23, 2023. The debenture carries a coupon of 10% per annum and would mature on 24 months after the issuance.

The debentures will be convertible, at the election of the holders, any time after four months following the date of issuance into units of the company at a price of CAD 0.25 per debenture Unit. Each debenture unit will consist of one common share and one common share purchase warrant. Each debenture warrant will entitle the holder to purchase one additional Common Share of the company at an exercise price of CAD 0.25 for a period of two-years from the date of the conversion into debenture Units.

The debentures, plus accrued interest, will be redeemable for cash at the election of the Issuer at any time after 12-months following issuance. The Debentures are also subject to an acceleration provision that will be triggered, at the Issuer?s election, if the daily volume weighted average price of the Issuer?s shares is over $0.20 for ten consecutive trading days. The transaction will include participation from qualified investors.

The transaction is expected to close on or before June 15, 2023.