DelphX plans $80,000 private placement and convertible debenture

DelphX Capital Markets Inc. (TSXV: DELX) (OTCQB: DPXCF) announced plans for a non-brokered financing of up to $80,000, according to a press release.

The offering consists of two parts. The first is a private placement of up to 1,500,000 units at $0.02 per unit, for gross proceeds of up to $30,000. Each unit includes one common share and one warrant exercisable at $0.06 per share for two years from issuance.

The second component is a convertible debenture offering of up to $50,000 in aggregate principal. The debentures carry an 8% annual interest rate, mature two years from issuance, and are convertible into common shares at $0.05 per share, representing up to 1,000,000 shares upon full conversion.

The company said net proceeds will be used for general corporate purposes. DelphX may pay finders' fees to eligible finders, with details to be disclosed at a later date.

The offering is subject to approval from the TSX Venture Exchange. Securities issued will be subject to a hold period of four months plus one day from the date of issuance.

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