XTM Inc. XTM or the Company a Miami and Toronto-based Fintech creator of disruptive payment innovations specifically for service industries such as hospitality, personal care, and service staff, today announced the Company intends to complete a non-brokered private placement of convertible debentures of the Company each, a “Convertible Debenture Units at
Each Convertible Debenture Unit will consist of a $1,000 principal amount unsecured convertible debenture Convertible Debenture and 1,000 common share purchase warrants each a Warrant .
Each Warrant entitles the holder to purchase one common share of XTM a Common Share for US$0.29 per Common Share for twenty-four (24) months from the date of issuance.
The Convertible Debentures will carry interest at a rate of 10.0% per year, computed and due quarterly in arrears beginning September 30, 2024, and will mature twenty-four (24) months after issuing the “Maturity Date . At the option of the holder of a Convertible Debenture Holder, the principal amount of each Convertible Debenture (the Principal Amount will be convertible into Common Shares at a conversion price of US$0.185 per Common Share the Conversion Price at any time prior to the close of business on the date of conversion the Debenture Holder.
The Convertible Debentures will be unsecured obligations of the Company, subordinated in payment of principal and interest to all secured debt and all existing and future senior indebtedness of the Company, and senior to any future debt expressly subordinated to the Convertible Debentures.
The net proceeds from the Offering are expected to be used for general corporate operations, Earned Wage Access EWA expansion in the United States, and any strategic acquisitions in the United States that could speed the implementation of current XTM signed contracts.
XTM , is a Miami and Toronto-based fintech pioneer launched in the cloud-banking arena and now assisting businesses in the hospitality, personal care, and services staffing industries to motivate their workforce.
With many large brands such as Earls, Maple Leaf Sports & Entertainment, Cactus Club, Marriott Hotels, and Live Nation, XTM has established itself as a leader in on-demand pay.
XTM continues to innovate with additional digital features to help businesses inspire workers to want to work more with shift scheduling and call-outs, staff management, expense management, in-app health and financial wellness, and gamified loyalty programs.
Thousands of businesses and their employees in Canada and the United States use XTM’s Today FinancialTM through POS and payroll integrations, as well as directly through web-portals.