Rocket Doctor AI (AIDR.CN) launched a non-brokered private placement of unsecured convertible debentures with a principal amount of C$1,000 each, for gross proceeds of up to C$2 million, the company said Tuesday.
The debentures will bear interest at 12.0% per year from the date of issuance, payable at maturity one year after issuance. Each debenture will include one common share and one transferable share purchase warrant. Each warrant will entitle the holder to acquire one common share at C$0.75 for one year from the date of issuance, subject to an acceleration clause.
Proceeds will be used for working capital and general and administrative expenses, it said.
Shares of the company were last seen unchanged at C$0.61 on the Canadian Securities Exchange.