TIMIA Capital Corp. said the third closing of its D round debt offering raised C$1.1 million from new and existing accredited investors.
This brings the total proceeds raised by the series D round debentures to C$3.0 million, which will be used to expand the specialty finance company's portfolio of revenue financing investments.
Pursuant to the third closing, TIMIA issued 4,000 warrants for every C$10,000 of debt to investors who bought C$50,000 or more debentures, for a total of 452,200 warrants. Each warrant entitles the holder to buy 1 TIMIA common share at 25 Canadian cents apiece, with a term that matches the life of the debentures.
The debentures pay a 12% annual interest and will be secured against the assets of the company. They will mature June 15, 2022, with an option for early redemption by the company after Dec. 15, 2019.
