-- Vertiqal Studios (VRTS.TO) on Monday said it closed a non-brokered private placement of secured debentures priced at US$1,000 per debenture for aggregate gross proceeds of around US$1.95 million.
The company said the debentures will mature on Oct. 10, 2027 and have an interest rate of 13% per year payable on the maturity date in arrears.
Certain insiders of the company were issued US$448,000 principal amount of debentures in the offering, added the company.
"The debentures will be secured by a first-ranking security interest over all present and after-acquired property and assets of the company," it said.
The company plans to use proceeds for general growth capital purposes.
The company's shares last traded April 10, closing at $0.01 on the Toronto Stock Exchange.