BlueRush Inc said it has received irrevocable subscription agreements for a total of US$2,898,995.15 of convertible debenture units for the non-brokered private placement first announced on June 6, 2022.
The company said the closing of the offering, which remains subject to TSX Venture Exchange conditions and approval, is anticipated to occur over the next few weeks.
BlueRush said it intends to use the net proceeds from the offering for general working capital.
READ: BlueRush reports 66% jump in fiscal 3Q profits driven by its services division
The offering consists of up to 5,000 convertible debenture units at a price of US$1,000 per convertible debenture unit for total gross proceeds of up to $5,000,000.
Each convertible debenture unit consists of a US$1,000 principal amount of a 10% unsecured convertible debenture and 12,500 share purchase warrants, with each warrant entitling the holder to one additional share at a price of US$0.075 per share until 48 months from the closing of the offering.
Each convertible debenture will mature 48 months from the closing of the offering and will be convertible into shares of the company at a price of US$0.04 per share, subject to an increase to US$0.08 per share after 12 months in the event the company does not complete a consolidation meeting specific conditions.
Further details of the offering can be found here.
BlueRush offers IndiVideo, a software-as-a-service (SaaS)-based interactive personalized video platform for financial services.
Contact the author at emily.jarvie@proactiveinvestors.com
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