Mobi724 Global Solutions Inc. announced non-brokered private placement unsecured convertible debentures for proceeds of CAD 700,000 on March 23, 2023. The unsecured convertible debentures issued pursuant to the closing of the Offering mature 3 years from issuance on March 23, 2026, and bear interest at a rate of 10% per annum. The Debentures are convertible into common shares at a price of CAD 0.05.

At maturity, the Company shall have the option to convert the Debentures. As part of the Offering, the Company also issued 11,666,666 detachable common share purchase warrants. Each whole Warrant entitles the holder thereof to purchase one Common Share for a period of 3 years expiring March 23, 2026, at a price of CAD 0.06 per Warrant Share.

The securities issued pursuant to the Offering shall be subject to a statutory hold period of four months and one day expiring July 24, 2023. Completion of the private placement remains conditional to the final approval of the TSX Venture Exchange.