sur Spetz Inc. (NASDAQ:DBKSF)
Spetz Enhances Cash Flow with Convertible Debenture and Warrant Offering
Spetz Inc. (CSE:SPTZ)(OTC PINK:DBKSF) has announced a debt conversion plan aimed at improving its cash flow. The plan includes converting outstanding payments to secured convertible debentures and common share purchase warrants. The debentures mature on October 31, 2024, and bear a 1% monthly interest rate. Holders can convert these into Common Shares at $0.24 per share anytime before maturity.
The plan involves converting debts of CAD 367,523.91 for Yossi Nevo, CAD 119,278 for Ofir Friedman, and CAD 104,324.3 for Miller Thomson LLP. Yossi Nevo and Ofir Friedman also received 296,735 warrants. Each warrant allows the purchase of one common share at $0.24 until October 31, 2026.
The debentures for Yossi Nevo and Ofir Friedman settle outstanding salaries, while the one for Miller Thomson LLP addresses consulting fees. Proceeds will go towards general working capital, further bolstering Spetz’s financial position.
R. P.
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