Simris Group AB announced that it expects to receive ?1.15 million in funding from The Claremont Trust, Mountain High Trust, The Brand Laboratories FZE and other investors

Simris Group AB (PUBL) announced a private placement of 230 convertible debentures at a price of ?5,000 per debentures for the gross proceeds of ?1,150,000 on March 14, 2024. The transaction will include participation from new investors, The Claremont Trust, Mountain High Trust, The Brand Laboratories FZE, Trevor Heneck, individual investor, Erik Karlsson. The debentures will be convertible at a price of ?0.0087.

The term of the convertibles are approximately 12 months with a maturity date of March 31, 2025, to the extent conversion has not taken place before such date. The convertibles carry an annual interest of 18 percent of their nominal value. The transaction has been approved by the shareholders of the company.