Loan & DebtJun 29, 2026, 07:21 AM
Kandal M Venture Closes Second $1M Convertible Note Tranche
AI Summary
Kandal M Venture Limited announced the second closing of its previously disclosed securities purchase agreement. The company issued and sold a second senior unsecured convertible promissory note for $1,000,000 to an institutional investor, bringing the total raised so far to $2,000,000 out of a potential $25,000,000. The note carries a 10% annual interest rate, matures in June 2029, and is convertible into Class A Ordinary Shares.
Key Highlights
- Second closing of securities purchase agreement occurred on June 25, 2026.
- Company issued and sold a second note for $1,000,000 to an institutional investor.
- The total aggregate original principal amount of the offering is up to $25,000,000.
- The Second Note bears interest at 10% per annum and matures on June 5, 2029.
- Notes are convertible into Class A Ordinary Shares at 105% of the principal converted.
- Revere Securities LLC is the exclusive placement agent, receiving a 5% placement fee and advisory fees.
Price Impact
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