Siyata Mobile Announces C$10 Million Private Placement Update

Siyata Mobile (TSXV:SIM), a developer of commercial mobile fleet devices announced that it has entered an agreement with PI Financial, Canaccord Genuity and other agents to undergo a private placement of C$10 million in convertible debentures. The debentures have an issue price of C$950 per C$1,000 principal amount with an annual interest rate of 12 percent.

As quoted in the press release:

The Company will offer up to 10,000 Convertible Debentures at an issue price of CDN$950.00 per CDN$1,000 principal amount of the Convertible Debentures. Each Convertible Debenture will be convertible, at the option of the holder, into 2,222 common shares in the capital of the Company (the “Common Shares” and each, a “Common Share”) at a price of CDN$0.45 (the “Conversion Price”) per Common Share, subject to adjustment in certain events.

Each Convertible Debenture will bear interest at a rate of 12.0% per annum from the date of issue, payable in cash quarterly in arrears. Any unpaid interest payments will accrue and be added to the principal amount of the Convertible Debenture.

The Convertible Debentures will mature twenty-four (24) months (the “Maturity Date”) after the date of issuance and are redeemable at 101% of the face value at any time after 12 months from the closing date.

Click here to read the press release.