Timia Capital Corp., further to its news releases of Dec. 13, 2021, and Jan. 4, 2022, has closed its private placement, having raised an aggregate of $2,188,750 and issued 6,253,571 units at a price of 35 cents per unit.
Each unit consists of one common share in the capital of the company and one-half of one common share purchase warrant. Each warrant will entitle the holder to purchase one common share of the company at a price of 50 cents for a period of 24 months following the closing date, provided that Timia may accelerate the expiry date of the warrants by providing 30 days of notice to the holders by way of news release in the event that the closing price of the common shares on the TSX Venture Exchange equals or exceeds $1 per common share for a period of 10 consecutive trading days.
Total finders' fees of $35,000 were paid on a portion of the private placement to parties at arm's length to the company. In addition, 99,000 non-transferable finders' warrants were issued. Each finder's warrant entitles a finder to purchase one common share at a price of 50 cents per share for two years from the date of issue. The finder's warrants are also subject to the above accelerated exercise provisions. All securities issued under the private placement are subject to a statutory hold period of four months from the date of issuance.
The proceeds of the private placement will be used by Timia for its own benefit to support its technology development, debt repayment and future growth.
About Timia Capital Corp.
The corporation utilizes a proprietary loan origination platform to originate, underwrite and service private-market, high-yield loan opportunities through two operating divisions: Timia Capital, which offers revenue-based investment to fast-growing, business-to-business software-as-a-service (SaaS) businesses in North America; and Pivot Financial, which specializes in asset-based private credit targeting mid-market borrowers in Canada. The corporation deploys funds on behalf of limited partnerships, institutions, retail investors, high-net-worth individuals, its management team and shareholders.