BNSELLIT TECHNOLOGY INC. BnSellit Technology Inc. Announces Private Placement of Convertible Debentures

Directive transparence : information réglementée

04/03/2022 21:30

TORONTO, ON / ACCESSWIRE / March 4, 2022 / BnSellit Technology Inc. ("BnSellit" or the "Corporation") (CSE:BNSL) announced today it will issue on a private placement basis unsecured convertible debentures in the aggregate principal amount of up to $700,000 (the "Convertible Debentures") at a price of $1,000 per principal amount of the Convertible Debentures (the "Offering"). There is no minimum offering.

The Convertible Debentures will bear interest from the date of closing at 10% per annum, payable monthly in arrears on the 30th day of each calendar month, commencing on May 30, 2022. The Convertible Debentures will have a maturity date of 18 months from the date the Convertible Debentures are issued (the "Maturity Date").

The Convertible Debentures will be convertible at the option of the holder into Class A Common shares of the Corporation (the "Shares") at any time prior to the close of business on the Maturity Date. Subject to the approval of the Canadian Securities Exchange ("CSE"), the Convertible Debentures will be convertible into the Shares at a conversion price of $0.25 per Share (the "Conversion Price"). Upon conversion, holders will not be entitled to receive interest accrued since the last interest payment, or the Closing Date if an interest payment date has not yet occurred, unless they convert their Convertible Debentures on an interest payment date, in which case they will be entitled to receive such interest payment.

If, following the closing of the Offering and prior to the Maturity Date, the volume weighted average price of the Shares on the CSE for 10 consecutive trading days equals or exceeds $0.40, the Corporation may force conversion of all of the principal amount of the Convertible Debentures at the Conversion Price, upon giving Convertible Debenture holders 15 days advance written notice, in accordance with the conversion terms.

Closing of the Offering is expected to occur on or about March 31, 2022 or such other date as the Corporation may determine in its sole discretion (the "Closing Date"). The Corporation may complete the Offering in one or more tranches. The Offering is in the form of a best efforts private placement in Canada to "accredited investors" within the meaning of National Instrument 45-106 and other exempt purchasers in each province of Canada, as agreed upon by the Corporation.

Proceeds from the Offering will be used for general corporate and working capital purposes.

Completion of this private placement is subject to regulatory approval including, but not limited to, the approval of the CSE. The Convertible Debentures issued under this private placement will be subject to a four month hold period from the date of closing.

About Bnsellit

BnSellit Technology Inc. is a technology company that connects guests staying in Short-Term Rental ("STR") properties with items offered for sale or rent by STR owners and managers ("Hosts"). With the BnSellit app, Hosts can quickly and easily post and manage items located on site for sale or rent. Items which can significantly increase revenue per stay. These items can include local souvenirs, decor, essential items, snacks, toiletries, art, antiques and activity kits. Using the BnSellit app, Hosts can also rent bicycles, golf clubs or sell access to hi-speed internet for even more revenue. When guests arrive at a BnSellit Host location, they are presented with simple instructions on how to view, purchase or rent available items. Once the payment transaction is complete, the guest can use the item during their stay or take it with them when they leave. Guests also have access to multiple local experiences and attractions that they can book directly through the App.

Through its Enterprise division, the Corporation can offer hotel chains the ability to use the platform, either branded or white label, to offer their guests additional services with minimal implementation disruption. The Platform has already been linked to many hotel chain loyalty programs via their published APIs.

For further information, please contact:

Antonio Comparelli, Chief Executive Officer
Email: tonyc@rt7.net
Tel: 416-720-8677

Sian Bolton, Chief Financial Officer
Email: sian@bnsellit.com
Tel: 403-700-6466

Neither the CSE nor its Regulation Services Provider (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.

SOURCE: BnSellit Technology Inc.

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