Tenet Secures Credit Facility of Up to $5M and Terminates Private Placement Financing
Tenet Fintech Group Inc. (CSE: PKK) (OTC Pink: PKKFF) has secured a credit facility of up to $5 million from Petiana Capital Inc. (PCI) and terminated its ongoing private placement financing. The credit facility allows Tenet to drawdown up to $5 million over 12 months, with a 10% annual interest rate and 24 months to repay each drawdown. PCI will receive one warrant per dollar advanced, exercisable at $0.25 or a 25% premium to Tenet's share price.
Tenet plans to use the funds to market its Business Hub, complete the ie-Pulse platform, and launch a marketing campaign for ie-Pulse data plans. CEO Johnson Joseph views this as a significant win for the company and shareholders, avoiding potential dilution from the terminated financing. Tenet aims to achieve its first Canadian data plan sales in the second half of 2023.
Tenet Fintech Group Inc. (CSE: PKK) (OTC Pink: PKKFF) ha ottenuto un finanziamento di credito fino a 5 milioni di dollari da Petiana Capital Inc. (PCI) e ha terminato il proprio collocamento privato in corso. Il finanziamento consente a Tenet di prelevare fino a 5 milioni di dollari in 12 mesi, con un tasso d'interesse annuale del 10% e 24 mesi per rimborsare ogni prelievo. PCI riceverà un warrant per ogni dollaro avanzato, esercitabile a 0,25 dollari o a un premio del 25% rispetto al prezzo delle azioni di Tenet.
Tenet prevede di utilizzare i fondi per promuovere il suo Business Hub, completare la piattaforma ie-Pulse e lanciare una campagna di marketing per i piani dati ie-Pulse. Il CEO Johnson Joseph considera questo un importante successo per l'azienda e per gli azionisti, evitando una possibile diluizione derivante dal finanziamento terminato. Tenet punta a realizzare le sue prime vendite di piani dati in Canada nella seconda metà del 2023.
Tenet Fintech Group Inc. (CSE: PKK) (OTC Pink: PKKFF) ha asegurado una línea de crédito de hasta 5 millones de dólares de Petiana Capital Inc. (PCI) y ha terminado su colocación privada en curso. La línea de crédito permite a Tenet retirar hasta 5 millones de dólares en un plazo de 12 meses, con una tasa de interés anual del 10% y 24 meses para reembolsar cada retirada. PCI recibirá un warrant por cada dólar avanzado, ejercitable a 0,25 dólares o con una prima del 25% sobre el precio de las acciones de Tenet.
Tenet planea utilizar los fondos para comercializar su Business Hub, completar la plataforma ie-Pulse y lanzar una campaña de marketing para los planes de datos ie-Pulse. El CEO Johnson Joseph ve esto como una victoria significativa para la empresa y los accionistas, evitando la posible dilución del financiamiento cancelado. Tenet aspira a lograr sus primeras ventas de planes de datos canadienses en la segunda mitad de 2023.
Tenet Fintech Group Inc. (CSE: PKK) (OTC Pink: PKKFF)는 Petiana Capital Inc. (PCI)로부터 최대 500만 달러의 신용 시설을 확보하고 현재 진행 중인 사모펀드 조달을 종료했습니다. 이 신용 시설은 Tenet이 12개월 동안 최대 500만 달러를 인출할 수 있게 하며, 연 10%의 이자율과 각 인출액을 상환하는 데 24개월의 기간을 제공합니다. PCI는 제공된 금액 당 하나의 워런트를 받게 되며, 이는 0.25달러로 행사 가능하거나 Tenet의 주가 대비 25%의 프리미엄으로 행사할 수 있습니다.
Tenet은 자금을 비즈니스 허브를 마케팅하기 위해, ie-Pulse 플랫폼을 완성하고, ie-Pulse 데이터 요금제를 위해 마케팅 캠페인을 시작할 계획입니다. CEO인 Johnson Joseph는 이것을 회사와 주주에게 중요한 승리로 보며, 종료된 자금 조달로 인한 잠재적인 희석을 피할 수 있다고 언급했습니다. Tenet은 2023년 하반기에 캐나다 데이터 요금제의 첫 판매를 달성할 계획입니다.
Tenet Fintech Group Inc. (CSE: PKK) (OTC Pink: PKKFF) a obtenu une ligne de crédit allant jusqu'à 5 millions de dollars de Petiana Capital Inc. (PCI) et a mis fin à son placement privé en cours. La ligne de crédit permet à Tenet de retirer jusqu'à 5 millions de dollars sur une période de 12 mois, avec un taux d'intérêt annuel de 10 % et 24 mois pour rembourser chaque retrait. PCI recevra un bon de souscription pour chaque dollar avancé, exerçable à 0,25 $ ou avec une prime de 25 % par rapport au prix des actions de Tenet.
Tenet prévoit d'utiliser les fonds pour commercialiser son Business Hub, terminer la plateforme ie-Pulse et lancer une campagne de marketing pour les forfaits de données ie-Pulse. Le CEO Johnson Joseph considère cela comme une victoire significative pour l'entreprise et les actionnaires, évitant ainsi une dilution potentielle en raison du financement annulé. Tenet vise à réaliser ses premières ventes de forfaits de données au Canada dans la deuxième moitié de 2023.
Die Tenet Fintech Group Inc. (CSE: PKK) (OTC Pink: PKKFF) hat eine Kreditfazilität von bis zu 5 Millionen Dollar von Petiana Capital Inc. (PCI) gesichert und ihre laufende Privatplatzierung finanziell beendet. Die Kreditfazilität erlaubt es Tenet, über 12 Monate bis zu 5 Millionen Dollar abzuheben, mit einem jährlichen Zinssatz von 10% und 24 Monaten für die Rückzahlung jeder Abhebung. PCI erhält einen Warrant pro vorgezogenem Dollar, der zu 0,25 Dollar oder mit einer Prämie von 25% auf den Aktienkurs von Tenet ausgeübt werden kann.
Tenet plant, die Mittel zu nutzen, um sein Business Hub zu vermarkten, die ie-Pulse-Plattform abzuschließen und eine Marketingkampagne für die ie-Pulse-Datenpläne zu starten. CEO Johnson Joseph sieht dies als einen bedeutenden Gewinn für das Unternehmen und die Aktionäre, da dadurch eine potenzielle Verwässerung durch die beendete Finanzierung vermieden wird. Tenet strebt an, im zweiten Halbjahr 2023 seine ersten kanadischen Datenplanverkäufe zu erzielen.
- Secured credit facility of up to $5 million, providing necessary capital
- Avoided potential dilution by terminating private placement that could have issued 33.3M shares and warrants
- Flexible drawdown terms with 24-month repayment period for each advance
- Funds allocated for marketing Business Hub and completing ie-Pulse platform
- Company expects first Canadian data plan sales in late Q3 or early Q4 2023
- 10% annual interest rate on credit facility drawdowns
- Issuance of warrants for each dollar borrowed, potentially dilutive if exercised
- Credit facility guaranteed by assets pledged by Tenet shareholders
Toronto, Ontario--(Newsfile Corp. - July 22, 2024) - Tenet Fintech Group Inc. (CSE: PKK) (OTC Pink: PKKFF) ("Tenet" or the "Company"), an innovative analytics service provider, owner and operator of the Cubeler® Business Hub, today announced that it has secured a credit facility of up to
The credit facility agreement between Tenet and PCI allows Tenet to drawdown up to
The Company plans to use the funds available to it from the Credit Facility to: 1) market the Business Hub following the launch of its networking and advertising modules, which will make more data available for its ie-Pulse industrial index offering; 2) complete the ie-Pulse platform; and 3) launch the ie-Pulse marketing campaign to have the first data plans sold in either late Q3 or early Q4.
"We couldn't be more excited about today's announcement," commented Tenet President and CEO Johnson Joseph. "It's no secret that capital has been hard to come by lately in the small cap tech sector. We were working on a Financing that, when closed, would have seen the Company potentially have to issue an additional 33.3M shares and 33.3M warrants. Being able to access the same amount of capital with only potentially having to issue 5M warrants is a big win for the Company and its shareholders. With this facility in place and the termination of the Financing, we are now able to complete our forecasts for 2024 and 2025 and activate our long-awaited investor communication plan, which will include the unveiling of our new website in the coming weeks. Our entire focus can finally be devoted to having our first Canadian data plan sales in the second half of this year and create value for our shareholders."
About Tenet Fintech Group Inc.:
Tenet Fintech Group Inc. is the parent company of a group of innovative financial technology (Fintech) and artificial intelligence (AI) companies. All references to Tenet in this news release, unless explicitly specified, include Tenet and all its subsidiaries. Tenet's subsidiaries offer various analytics and AI-based products and services to businesses, capital markets professionals, government agencies and financial institutions either through or leveraging data gathered by the Cubeler® Business Hub, a global ecosystem where analytics and AI are used to create opportunities and facilitate B2B transactions among its members. Please visit our website at: https://www.tenetfintech.com/.
For more information, please contact:
Tenet Fintech Group Inc.
Mayco Quiroz, Chief Operating Officer
514-340-7775 ext.: 510
investors@tenetfintech.com
CHF Capital Markets
Cathy Hume, CEO
416-868-1079 ext.: 251
cathy@chfir.com
Follow Tenet Fintech Group Inc. on social media:
X: @Tenet_Fintech
Facebook: @Tenet
LinkedIn: Tenet
YouTube: Tenet Fintech
Forward-looking information
Certain statements in this press release constitute forward-looking statements within the meaning of applicable securities laws. Forward-looking statements are frequently characterized by words such as "plan", "continue", "expect", "project", "intend", "believe", "anticipate", "estimate", "may", "will", "potential", "proposed" and other similar words, or statements that certain events or conditions "may" or "will" occur. Forward-looking statements are not guarantees of future performance and involve risks, uncertainties and other factors which may cause actual results, performance or achievements of Tenet to be materially different from the outlook or any future results, performance or achievements implied by such statements. Accordingly, readers are advised not to place undue reliance on forward-looking statements. Important risk factors that could affect the forward-looking statements in this news release include, but are not limited to, holding company with significant operations in China; general economic and business conditions, including factors impacting the Company's business in China such as pandemics and COVID-19; legislative and/or regulatory developments; Global Financial conditions, repatriation of profits or transfer of funds from China to Canada, operations in foreign jurisdictions and possible exposure to corruption, bribery or civil unrest; actions by regulators; uncertainties of investigations, proceedings or other types of claims and litigation; timing and completion of capital programs; liquidity and capital resources, negative operating cash flow and additional funding, dilution from further financing; financial performance and timing of capital; and other risks detailed from time to time in reports filed by Tenet with securities regulators in Canada. Reference should also be made to Management's Discussion and Analysis (MD&A) in Tenet's annual and interim reports, Annual Information Form, filed with Canadian securities regulators and available via the System for Electronic Document Analysis and Retrieval (SEDAR+) under Tenet's profile at www.sedarplus.ca, for a description of major risk factors relating to Tenet. Although Tenet has attempted to identify certain factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended.
Forward-looking statements reflect information as of the date on which they are made. The Company assumes no obligation to update or revise forward-looking statements to reflect future events, changes in circumstances, or changes in beliefs, unless required by applicable securities laws. In the event the Company does update any forward-looking statement, no inference should be made that the Company will make additional updates with respect to that statement, related matters, or any other forward-looking statement.
Neither the Canadian Securities Exchange nor its Market Regulator (as that term is defined in policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/217267
FAQ
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When does Tenet Fintech Group (PKKFF) expect its first Canadian data plan sales?
