Mace Security International Secures Additional Convertible Note Funding

Mace Security International Inc. (OTCQB:MACE), a recognized global leader in the personal self-defense spray market, announced it has successfully finalized an agreement for additional funding through a private placement of a convertible note. The note, procured from a board member on March 7, 2024, is an unsecured subordinated agreement with a principal amount of $150,000. Set to mature on July 27, 2025, it bears a simple interest rate of 10% per annum and can be converted into common shares at a price of $0.0852 per share. This convertible note features identical terms to those closed in a previous round of funding on July 27, 2023.

The Cleveland, Ohio-based firm has opted for this additional convertible note funding after assessing the terms of its asset-based financing. The decision came as a strategic move to address the reduced borrowing availability stemming from the company's successful efforts to decrease inventory levels, which are primarily considered under its current financing terms.

Being a pivotal provider of personal safety and security solutions, Mace Security International continues to innovate in the self-defense product space while serving a broad range of consumers and organizations across the globe. This additional funding underscores its commitment to maintaining operational flexibility and fulfilling its mission amidst fluctuating market demands.