BnSellit Technology Inc. announced a non-brokered private placement of unsecured convertible debentures in the aggregate principal amount of CAD 112,000 at a price of CAD 1,000 per principal amount of the convertible debentures on October 24, 2022. Certain directors and officers of the company purchased the convertible debentures in the aggregate principal amount of CAD 32,000. The convertible debentures bear an interest from the date of closing at 10% per annum, payable monthly in arrears on the 30th day of each calendar month.

The convertible debentures will mature in 18 months from the date of the convertible debentures are issued. The convertible debentures will be convertible at the option of the holders into Class A Common shares of the corporation at a conversion price of CAD 0.25 per share at any time prior to the close of business on the maturity date. If, following the closing of the offering and prior to the maturity date, the volume weighted average price of the shares on the Canadian Securities Exchange for 10 consecutive trading days equals or exceed CAD 0.60, the Corporation may force conversion of all of the principal amount of the convertible debentures at the Conversion Price, upon giving holders of the Convertible Debentures 15-day advance written notice, in accordance with the conversion terms. The company has raised a total of CAD 443,000 in funding till date.