/NOT FOR DISTRIBUTION TO
"Our ability to produce absolute returns for our shareholders is directly correlated to the deployed capital in the Layer2 business. We have demonstrated the effectiveness of the model and have been communicating our initial results and discussing the growth of decentralized finance protocols with our constituents. The time is now to accelerate the growth of the company, and we are very pleased to have established this relationship with Canaccord Genuity to lead our offering." noted Prophecy's CEO,
The Debentures will mature 36 months following the Closing (the "Maturity Date") and will bear interest at a rate of 10.0% per annum from the date of issue, payable quarterly in cash. The Debentures will be convertible into common shares of the Company ("Common Shares") at the option of the holder at any time prior to the Maturity Date, or on the business day immediately preceding a date fixed for redemption of the Debentures, at a conversion price equal to
Upon Closing, the Agents will receive 5.0% of the aggregate gross proceeds of the Offering payable in cash or Debentures, or any combination thereof, at the option of the Agents, as well as warrants to acquire that number Common Shares equal to 5.0% of the gross proceeds of the Offering divided by the Conversion Price, exercisable at an exercise price equal to the Conversion Price for a period of 36 months following the Closing. The Company will also pay to the Lead Agent a corporate finance fee equal to that number of Debentures which is equal to 2.5% of the number of Debentures issued pursuant to the Offering.
The Closing is expected to occur on or about
The Debentures, including the Common Shares issuable upon conversion thereof, will be subject to a four-month hold period from the date of Closing.
The Canadian Securities Exchange has not reviewed this news release and does not accept responsibility for its adequacy or accuracy.
The securities described herein have not been registered under the
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Forward-Looking Information
Certain information set forth in this news release may contain forward-looking information that involves substantial known and unknown risks and uncertainties. This forward-looking information includes, among others, statements regarding the completion of the Offering and the expected use of proceeds therefrom. This forward-looking information is subject to numerous risks and uncertainties, certain of which are beyond the control of the Company, including, but not limited to, the impact of general economic conditions, industry conditions, and dependence upon regulatory approvals and the possibility that the Offering may not be completed. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking information. No assurance can be given that any of the events anticipated by the forward-looking inforamtion will transpire or occur or, if any of them do so, what benefits the Company will derive therefrom. The forward-looking information is made as of the date of this news release and the Company undertakes no obligation to update forward-looking information except as otherwise may be required by applicable securities law.
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