Rubico announces up to $15 million senior convertible debt offering
RUBI•Rubico plans up to $15 million in senior convertible notes, with an initial $9.44 million tranche expected to close October 19, 2026, and a conditional second tranche of $5.56 million. The notes carry an 8% cash or 10% share interest rate, and total potential gross proceeds are $13.5 million.
1. Offering terms
The initial tranche is expected to generate $8.5 million in gross proceeds after a 10% original issue discount. The conditional second tranche would raise $5 million. The unsecured notes mature in 12 months, extendible to 18 months with a 5% principal uplift, and carry interest payable in cash at 8% or in common shares at 10%. Initial notes convert at a fixed price of $0.3646. Five-year warrants cover 25,903,577 common shares at $0.3646 each.
