Clip Money Inc. Announces US$2,000,000 Convertible Note Financing
Clip Money Inc. (TSX-V: CLIP, OTCQB: CLPMF) has secured a US$2,000,000 convertible note financing from Cardtronics Inc., a subsidiary of NCR Atleos and Clip Money's largest shareholder. The note carries a 13% annual interest rate with quarterly cash interest payments and matures on February 24, 2030.
At maturity, Cardtronics can choose to receive: full cash payment, conversion to common shares at CDN$0.55 per share, or a combination where at least 50% must be converted to shares. Any unpaid interest can be settled in cash, shares at market price, or a combination, subject to TSXV approval.
The financing, while a related-party transaction, is exempt from formal valuation and minority shareholder approval requirements. The proceeds will fund network expansion, customer acquisition, capital expenditures, business operations, and technology development.
Clip Money Inc. (TSX-V: CLIP, OTCQB: CLPMF) ha ottenuto un finanziamento tramite nota convertibile di 2.000.000 USD da Cardtronics Inc., una sussidiaria di NCR Atleos e il maggiore azionista di Clip Money. La nota prevede un tasso di interesse annuale del 13% con pagamenti di interesse in contante trimestrali e scade il 24 febbraio 2030.
Alla scadenza, Cardtronics può scegliere di ricevere: pagamento in contante completo, conversione in azioni ordinarie a CDN$0,55 per azione, o una combinazione in cui almeno il 50% deve essere convertito in azioni. Qualsiasi interesse non pagato può essere saldato in contante, azioni al prezzo di mercato, o una combinazione, soggetta all'approvazione di TSXV.
Il finanziamento, sebbene sia una transazione tra parti correlate, è esente dai requisiti di valutazione formale e di approvazione degli azionisti di minoranza. I proventi saranno utilizzati per l'espansione della rete, l'acquisizione di clienti, le spese in conto capitale, le operazioni aziendali e lo sviluppo tecnologico.
Clip Money Inc. (TSX-V: CLIP, OTCQB: CLPMF) ha obtenido un financiamiento mediante nota convertible de 2,000,000 USD de Cardtronics Inc., una subsidiaria de NCR Atleos y el mayor accionista de Clip Money. La nota tiene un tasa de interés anual del 13% con pagos trimestrales de intereses en efectivo y vence el 24 de febrero de 2030.
Al vencimiento, Cardtronics puede optar por recibir: pago en efectivo completo, conversión a acciones comunes a CDN$0.55 por acción, o una combinación donde al menos el 50% debe ser convertido a acciones. Cualquier interés no pagado puede ser liquidado en efectivo, acciones al precio de mercado, o una combinación, sujeto a la aprobación de TSXV.
El financiamiento, aunque es una transacción entre partes relacionadas, está exento de requisitos de valoración formal y de aprobación de accionistas minoritarios. Los ingresos se destinarán a la expansión de la red, la adquisición de clientes, gastos de capital, operaciones comerciales y desarrollo tecnológico.
Clip Money Inc. (TSX-V: CLIP, OTCQB: CLPMF)는 Cardtronics Inc.로부터 200만 달러의 전환사채 자금조달을 확보했습니다. Cardtronics Inc.는 NCR Atleos의 자회사이며 Clip Money의 최대 주주입니다. 이 사채는 연 13%의 이자율을 가지고 있으며, 분기마다 현금 이자 지급이 이루어지며 2030년 2월 24일에 만료됩니다.
만기 시 Cardtronics는 다음 중 하나를 선택할 수 있습니다: 전액 현금 지급, 주당 CDN$0.55로 보통주로 전환, 또는 최소 50%는 주식으로 전환되는 조합. 미지급 이자는 현금, 시장 가격의 주식 또는 조합으로 정산할 수 있으며, TSXV의 승인을 받아야 합니다.
이 자금조달은 관련 당사자 거래이지만 공식 평가 및 소수 주주 승인 요건에서 면제됩니다. 수익금은 네트워크 확장, 고객 확보, 자본 지출, 사업 운영 및 기술 개발에 사용될 것입니다.
Clip Money Inc. (TSX-V: CLIP, OTCQB: CLPMF) a obtenu un financement par billet convertible de 2 000 000 USD de Cardtronics Inc., une filiale de NCR Atleos et le plus grand actionnaire de Clip Money. Le billet a un taux d'intérêt annuel de 13% avec des paiements d'intérêts en espèces trimestriels et arrive à échéance le 24 février 2030.
À l'échéance, Cardtronics peut choisir de recevoir : un paiement en espèces intégral, une conversion en actions ordinaires à CDN$0,55 par action, ou une combinaison où au moins 50 % doit être converti en actions. Tout intérêt impayé peut être réglé en espèces, en actions au prix du marché, ou en combinaison, sous réserve de l'approbation de TSXV.
Le financement, bien qu'il s'agisse d'une transaction entre parties liées, est exempt des exigences d'évaluation formelle et d'approbation des actionnaires minoritaires. Les fonds seront utilisés pour l'expansion du réseau, l'acquisition de clients, les dépenses d'investissement, les opérations commerciales et le développement technologique.
Clip Money Inc. (TSX-V: CLIP, OTCQB: CLPMF) hat eine Wandelschuldverschreibung in Höhe von 2.000.000 USD von Cardtronics Inc., einer Tochtergesellschaft von NCR Atleos und dem größten Aktionär von Clip Money, gesichert. Die Anleihe hat einen jährlichen Zinssatz von 13%, mit vierteljährlichen Zinszahlungen in bar und läuft am 24. Februar 2030 aus.
Bei Fälligkeit kann Cardtronics wählen zwischen: vollständiger Barzahlung, Umwandlung in Stammaktien zu CDN$0,55 pro Aktie oder einer Kombination, bei der mindestens 50% in Aktien umgewandelt werden müssen. Unbezahlte Zinsen können in bar, in Aktien zum Marktpreis oder in einer Kombination beglichen werden, vorbehaltlich der Genehmigung durch TSXV.
Die Finanzierung, obwohl es sich um eine Transaktion mit nahestehenden Personen handelt, ist von den Anforderungen an die formelle Bewertung und die Genehmigung durch Minderheitsaktionäre befreit. Die Erlöse werden zur Erweiterung des Netzwerks, zur Kundengewinnung, zu Investitionen in Sachanlagen, zu Geschäftsbetrieb und zur technologischen Entwicklung verwendet.
- Secured US$2M (CAD$2.84M) in financing from major shareholder
- Strategic backing from largest shareholder demonstrates confidence in company
- Funds secured for network expansion and business growth
- High interest rate of 13% per annum on convertible note
- Potential future dilution for shareholders due to conversion terms
- Related-party transaction with major shareholder
TORONTO, Feb. 24, 2025 (GLOBE NEWSWIRE) -- Clip Money Inc. (TSX-V: CLIP) (OTCQB: CLPMF) (“Clip Money” or the “Company”), a company that operates a multi-bank self-service deposit system for businesses, is pleased to announce the closing of a non-brokered private placement (the “Financing”) of an unsecured convertible note (the “Convertible Note”) for gross proceeds of US
The Convertible Note will accrue simple interest at a rate of
On the Maturity Date, payment of the principal amount of the Convertible Note then outstanding will be satisfied by the Company, at Cardtronics’ sole discretion, through: (i) a cash payment equal to the entirety of the principal amount of the Convertible Note then outstanding; (ii) the issuance of a number of common shares of the Company (each a “Common Share”) equal to the entirety of the principal amount of the Convertible Note then outstanding divided by CDN
On the Maturity Date, payment of all accrued and unpaid interest up to and including the Maturity Date that has not been previously satisfied by way of the quarterly interest payments will be satisfied by the Company, at Cardtronics’ sole discretion, through: (i) a cash payment equal to the entirety of all accrued and unpaid interest up to and including the Maturity Date; (ii) the issuance of a number of Common Shares equal to the entirety of the accrued and unpaid interest up to the Maturity Date divided by the then-prevailing market price of the Common Shares on the TSX Venture Exchange (the “TSXV”), subject to prior written approval of the TSXV; or (iii) a combination of a cash payment and the issuance of Common Shares at the then prevailing market price of the Common Shares on the TSXV, subject to prior written approval of the TSXV.
The Financing represents a related-party transaction under Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions (“MI 61-101”), but the transaction is exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 as neither the fair market value of the subject matter of the transaction, nor the consideration paid, exceed
The Convertible Note is subject to a statutory hold period of four months plus a day from the date hereof in accordance with applicable securities legislation in Canada.
The Company intends to use the net proceeds from the Financing for network expansion and customer acquisition, new unit capital expenditures, business operations and technology and for general corporate purposes.
About Clip Money Inc.
Clip operates a multi-bank self-service deposit system for businesses through its ClipDrop Boxes that gives users the capability of making deposits outside of their bank branch at top retailers and shopping malls. Rather than having to go to their personal bank branch or using a cash pickup service, businesses can deposit their cash at any ClipDrop Box located near them. After being deposited, the funds will automatically be credited to the business’ bank account, usually within one business day. The Company combines functional hardware, an intuitive mobile app and an innovative cloud-based transaction engine that maximizes business-banking transactions. Combined with mobile user applications, Clip offers a cost-effective and convenient solution for business banking deposits in metropolitan statistical areas across Canada and the United States. For more information about the Company, visit www.clipmoney.com.
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.
For further information, please contact:
Joseph Arrage
Chief Executive Officer
tel: 844-593-2547
FAQ
What are the terms of CLPMF's US$2M convertible note financing from Cardtronics?
How will CLPMF use the proceeds from the US$2M convertible note?
What is the conversion price for CLPMF's convertible note issued in February 2024?
Why doesn't CLPMF's convertible note financing require minority shareholder approval?
