Final Bell Holdings International Announces First Tranche Completion of $12M Financing

VANCOUVER, BC / ACCESSWIRE / July 10, 2024 / Final Bell Holdings International Ltd. ("Final Bell") has received a revocation order from the British Columbia Securities Commission, lifting the failure to file cease trade order as of June 28, 2024. Following this, the company closed the first tranche of a $12 million offering of 15.0% secured convertible notes issued by its subsidiary, Final Bell Innovations Inc. ("FBI"). FBI issued $9.92 million principal amount of notes, with the remaining balance expected in the coming weeks.

This offering is aimed at capitalizing FBI, which oversees the company's non-plant touching business. FBI is targeting expansion throughout the United States. The financing will support brand penetration in new markets, focusing on hardware, packaging innovation, and facility management services to maximize shareholder value.

The notes, maturing in July 2025, are secured by FBI's assets and bear an interest rate of 15.0% per annum. They can be converted into common shares of either FBI or Final Bell, following specified conditions.

The offering also included notes issued in a previous private placement and new investments. This transaction is considered a "related party transaction" by Multilateral Instrument 61-101, as some company directors and officers participated in the offering. The offering is exempt from formal valuation and minority shareholder approval due to its size relative to market capitalization.