BEACN Closes Second Tranche of Private Placement and Enters Convertible Loan Agreement

VANCOUVER, BC / ACCESSWIRE / August 28, 2024 / BEACN Wizardry & Magic Inc. (TSXV:BECN) announced it has closed the second tranche of its non-brokered private placement. The company issued an additional 833,332 common shares at $0.18 per share, raising $150,000. In total, the company raised $670,304.04 from the offering.

Investors may designate shares as Eligible Business Corporation Shares (EBC Shares), qualifying for a 30% tax credit, with a five-year sales restriction. Besides EBC Shares, all issued securities will have a hold period of four months and one day under securities laws.

Additionally, BEACN closed a convertible loan agreement for $786,510 with an annual interest rate of 13.5%, maturing on February 27, 2026. Lenders can convert the loan into common shares at $0.18 per share. The funds will support sales initiatives, inventory purchases, R&D, and working capital.

The transactions await final TSXV approval.