Vancouver, BC – TheNewswire - January 30, 2020 – PODA TECHNOLOGIES LTD. ("Poda" or the "Company") today announced that the Company completed a non-brokered convertible debenture (the “Convertible Debenture”) for gross proceeds of $550,000 on October 9, 2019 (the “Closing Date”).

The Convertible Debenture is secured with a general security agreement against the Company and will have a maturity date of three years from the Closing Date of the Offering (the "Maturity Date") bearing interest from the date of closing at 12% per annum, payable monthly. The Convertible Debenture will be convertible, at the option of the holder, into common shares of the Company ("Common Shares") at any time prior to the close of business on the last business day immediately preceding the Maturity Date at a conversion price based on the lower of $0.05 per Common Share or 20% discount off the most recent finance price (the "Conversion Price").

 

On Behalf of the Board,

Ryan Selby

Chief Executive Officer and Director

About Poda

 

Poda is actively engaged in the development and commercialization of heat-not-burn products, which have the potential to reduce the risks associated with combustible products. In addition to several other intellectual property holdings, the Company has developed an innovative heat-not-burn system that uses proprietary biodegradable single-use pods, which are both consumer and environmentally friendly. Poda’s design prevents cross-contamination between the heating device and the pod, eliminating all cleaning requirements and providing users with the most convenient and enjoyable potentially risk-reduced experience. Pod refill options range from dried flower, tobacco and other dry substrate and can easily be switched during heating sessions to suit any adult consumer’s mood.