Vancouver (pcJ News Briefs) – Mission Ready Services Inc. (TSX-V: MRS) has entered into an agreement with First Republic Capital Corporation for a private placement of up to $1.5 million aggregate principal amount of secured convertible debentures.
The debentures will bear interest from the date of closing at 10% per annum, paid annually upfront in common shares at a price per share equal to the 10-day volume weighted average price of the shares on the TSX Venture Exchange prior to the date upon which the investors make each investment. The debentures will have a maturity date of 24 months from the closing date.
Net proceeds will be used for the advancement of the company’s manufacturing business, product development initiatives, and for general working capital purposes.
Mission Ready Services Inc. has three distinct, synergistic operating divisions: Personal Protective Equipment; Military & Law Enforcement Personal Protective Equipment, and Cleaning, Decontamination & Repair of Personal Protective Equipment.
photo credit: Mission Ready