Ignite International Brands, Ltd. (CSE: BILZ) (OTC: BILZF) announced Tuesday that it has completed the second series of its non-brokered private placement of convertible debentures for aggregate gross proceeds of CA$10 million ($7.56 million).
The company said it plans to use the net proceeds from the offering for general corporate purposes.
Upon successful completion of the second series subscription, Ignite International said it decided to close the offering immediately, meaning the closing will occur before the fiscal year ends.
In the second series of the closed offering, each unit issued consisted of CA$1,000 principal amount of unsecured convertible debentures with 8% interest per annum and 250 subordinate voting share purchase warrants of the company. Units were sold for CA$1,000 per unit.
The maturity date of the convertible debentures is Dec. 10, 2022.
Ignite International shares were trading down 2.8% at $1.04 at the time of publication Wednesday.