RDARS Inc. announced a non-brokered private placement of unsecured convertible debenture for the gross proceeds of CAD 513,520 on May 4, 2023. The debentures carry a principal amount of CAD 641,900 including an original issuance discount, will not bear interest, and mature on May 4, 2024. Holders of the Debentures will be entitled to convert the Debentures at any time following the Consolidation at a deemed price of CAD 0.15 per post-Consolidation common share. The Company plans to consolidate (the “Consolidation”) its pre- Consolidation common shares on the basis of 10 pre-Consolidation common shares for one post-Consolidation common share. The
Company anticipates receiving shareholder approval for the Consolidation at a shareholders' meeting to be held on May 31, 2023. All securities issued or issuable pursuant to the Financing are subject to a statutory hold period of four months plus one day from the date of issuance, in accordance with applicable securities legislation.