The new trading week started on a harrowing note for investors in TrustBIX Inc (OTCMKTS:TBIXF) as the stock suffered from a major selloff and ended the day with a decline of as much as 60%.
TrustBIX Inc. Announces Conditional Closing of Convertible Debenture Financing
In this sort of a situation, it may be important for investors to figure out if the slide is going to continue or if there may be a recovery in the offing. The company announced yesterday that it had been provided with a conditional acceptance by the TSX Venture Exchange with regards to a non-brokered private placement.
The private placement is going to be made in debentures and the company would be looking to raise the total amount of $500,000. It had all been previously announced by TrustBIX back on December 23, 2022.
In this context, it is also necessary to point out that following the conditional acceptance from the exchange it was possible for the company to close an unsecured convertible debenture valued at $150,000 in principal amount. The debenture in question carries an interest rate of as much as 10% and as per the conditions, that would need to be paid in cash.