BEMAX INC. Bemax Inc. announced a private placement on a best effort basis of convertible promissory notes for the gross proceeds of $3 million on December 5, 2023. The notes will have a coupon rate of 8%. The transaction will be made under Section 4(a)(2) and Rule 506(c) of Regulation D promulgated.
The notes are convertible at i) a $18 million Hard Ceiling Market Capitalization, or ii) at a $6 million Hard Floor Market Capitalization or iii) at a 30% Discount off the prior days closing bid price on the Day of Conversion if the Conversion price lands between the Hard Ceiling and the Hard Floor.
