- Prophecy DeFi (PDFI) has entered into an agreement with Canaccord Genuity to sell up to $25,000,000 of unsecured convertible debentures
- Prophecy DeFi CEO John McMahon sat down with Caroline Egan to discuss the financing
- The debentures will mature 36 months following the closing and will bear interest at a rate of 10.0 per cent per annum
- The offering is expected to close on or about December 7th, 2021
- Net proceeds will be used 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
- Prophecy DeFi Inc. (PDFI) opened trading at C$0.77 per share
Prophecy DeFi (PDFI) has entered into an agreement with Canaccord Genuity to sell up to $25,000,000 of unsecured convertible debentures.
The agents will have the option, exercisable in whole or in part at any time up until 48 hours prior to the closing of the offering to increase the size of the offering by up to an additional C$3,750,000 of debentures.
Prophecy DeFi CEO John McMahon sat down with Caroline Egan to discuss the financing.
“Our ability to produce absolute returns for our shareholders is directly correlated to the deployed capital in the Layer2 business. We have demonstrated the effectiveness of the model and have been communicating our initial results and discussing the growth of decentralized finance protocols with our constituents. The time is now to accelerate the growth of the company, and we are very pleased to have established this relationship with Canaccord Genuity to lead our offering.” noted Prophecy’s CEO, John McMahon.
The debentures will mature 36 months following the closing and will bear interest at a rate of 10.0 per cent per annum from the date of issue, payable quarterly in cash. The debentures will be convertible into common shares at a conversion price of $1.00 per share.
The company will have the right to force conversion of the debentures if the daily volume-weighted average trading price of the shares on the CSE is greater than $1.50 for 10 consecutive trading days.
The offering is expected to close on or about December 7th, 2021 and is subject to the receipt of all necessary approvals, including the approval of the CSE.
Net proceeds will be used for Layer2 Blockchain’s liquidity mining operations and for general working capital purposes.
The debentures will be subject to a four-month hold period from the date of closing.
Prophecy DeFi (PDFI) 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) opened trading at C$0.77 per share.
