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Snipp Interactive Secures $4.5 Million Financing Led by Shen Capital
Snipp Interactive Inc., a Vancouver-based Platform-as-a-Service company in the loyalty and promotions sector, has announced a secured convertible debenture financing deal worth C$4.5 million. Shen Capital Partners Inc. will lead the investment, subscribing for $3.5 million of the debentures, with Lark Investments Inc. and CEO Atul Sabharwal contributing the remainder. The funds are designated to bolster Snipp's growth strategies and working capital.
The debentures offer a 3.45% annual interest rate, maturing in three years. They are convertible into company units, potentially adjusting in conversion price following a planned share consolidation. The deal's closure hinges on standard conditions, including TSX Venture Exchange approval.
With this investment, Shen Capital's co-founder Martin Shen will join Snipp's board. The transaction complies with Canadian securities regulations and includes considerations for related party involvement.
R. P.
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