SecureTech signs convertible note financing for up to $10 million with Hinterland Partners
SCTH•SecureTech Innovations entered a convertible promissory note financing of up to $10 million with Hinterland Partners. The first tranche had $388,888.89 in principal and generated $293,000 in net proceeds.
1. First tranche terms
The first tranche carried $388,888.89 in principal and yielded net proceeds of $293,000. It matures on October 16, 2027, and carries a one-time 6% interest charge.
2. Further funding and conversion
Additional tranches require mutual written agreement, and Hinterland Partners is not obligated to provide further funding. Conversion can begin after 180 days or upon default, at 60% of the lowest traded share price over the preceding 15 trading days.
