Rivalry Corp. announced a non-brokered private placement of senior secured convertible debentures for gross proceeds of CAD 14,000,000 on November 15, 2023. Each convertible debenture will consist of CAD 1,000 principal amount of 10% senior secured convertible debentures of the company, maturing on November 14, 2027. The outstanding principal under the convertible debentures will be convertible at the option of the holder, at any time prior to the close of business on the last business day immediately preceding the maturity date, into subordinate voting shares in the capital of the company at the conversion price of CAD 1.40 per subordinate voting share. The convertible debentures will bear interest at 10% per annum and will be payable in cash quarterly in arrears on March 30, June 30 September 30 and December 30 of each year commencing December 31, 2025, and will consist of interest accrued from and including the date of issue to the initial Interest Payment Date. All securities issued in connection with the offering will be subject to a hold period of four months plus a day from the date of issuance in accordance with applicable securities legislation. The transaction included participation from single investor.

On March 22, 2024, the company announced that the transaction has been approved by the TSX Venture Exchange.