Hank Payments Completes Financing and Settlements

Toronto-based Hank Payments Corp., an emerging leader in the Banking-as-a-Service market, announced the successful closure of its non-brokered private placement. The financing involved 744 units, generating total gross proceeds of $744,921. Each unit consists of a $1,000 secured convertible debenture and 10,000 share purchase warrants. The debentures, maturing in 2029, bear an interest rate of 10% and allow conversion into shares at predetermined prices.

The funds raised will primarily support debt repayment and general working capital. Additionally, Hank converted $2.54 million in debentures into shares. The offering and conversions await TSX Venture Exchange approval. Unregistered in the US, the securities aren't available for sale there without an exemption.