Source: Prophecy DeFi
  • Prophecy DeFi (PDFI) has closed a brokered private placement for aggregate gross proceeds of $5,680,000
  • The company issued 5,680 convertible debenture units at an issue price of $1,000 per unit
  • Each debenture unit consists of $1,000 principal amount of 10.0 per cent unsecured convertible debentures and 1,667 common share purchase warrants
  • Each warrant is exercisable into one common share at a price of $0.90 per share
  • Net proceeds of the offering will be used by the company for Layer2 Blockchain’s liquidity mining operations
  • Prophecy DeFi aims to bring together technology start-ups in the Blockchain and DeFi sectors
  • Prophecy DeFi Inc. (PDFI) is down 4.65 per cent on the day, trading at C$0.41 per share at 1 pm EST

Prophecy DeFi (PDFI) has closed a brokered private placement for aggregate gross proceeds of $5,680,000.

The company issued 5,680 convertible debenture units at an issue price of $1,000 per unit.

Each debenture unit consists of $1,000 principal amount of 10.0 per cent unsecured convertible debentures and 1,667 common share purchase warrants. Each debenture matures 36 months following the closing of the offering and bears interest at a rate of 10.0 per cent per annum from the date of issue, payable quarterly in cash.

The convertible debentures are convertible into common shares at the option of the holder at any time prior to the maturity date.

Each warrant is exercisable into one common share at a price of $0.90 per share for a period of 36 months from the closing of the offering.

Prophecy has the right to force conversion of the convertible debentures if the daily volume-weighted average trading price of the shares is greater than $1.20 for 10 consecutive trading days. 

The net proceeds of the offering will be used by the company for Layer2 Blockchain’s liquidity mining operations and for general working capital purposes.

Prophecy DeFi aims to bring together technology start-ups in the Blockchain and DeFi sectors to fund innovation, elevate industry research, and create new business opportunities in a coherent ecosystem.

Prophecy DeFi Inc. (PDFI) is down 4.65 per cent on the day, trading at C$0.41 per share at 1 pm EST.

More From The Market Online

Record new users sign up to Bitcoin Well after popular YouTube feature

Non-custodial crypto business Bitcoin Well (TSXV:BTCW) announces it has signed up a record number of new users to its platform.

Activist investor seeks to overhaul WonderFi board

KAOS Capital, an activist investor and major WonderFi (TSX:WNDR) shareholder, plans to propose five nominations to the crypto stock's board.

Neptune Digital Assets finds value in soaring crypto market

Neptune Digital Assets (TSXV:NDA) closes a value investment in Solana cryptocurrency at a 64 per cent discount to the current market price.
Bitcoin and cryptocurrency investing concept

U.S. spot Bitcoin ETFs are live – what happens to Canada’s crypto ETFs?

Three since the first spot Bitcoin ETF was introduced in Canada, these funds are finding formidable competition from U.S. counterparts.