BnSellit Technology Inc. Announces Change of Directors and Closing of First Tranche of Private Placement

CALGARY, AB / ACCESSWIRE / June 13, 2022 / BnSellit Technology Inc. ("BnSellit" or the "Corporation") (CSE:BNSL) announces that Mr. Doug McCartney and Mr. Colin Keddy have been elected to the board of directors at the Corporation 's annual general meeting.

Doug McCartney is a business lawyer and is a Director of Business Law at Moodys Private Client Law LLP. Doug is an internationally respected business lawyer with over 24 years of business law experience, primarily in the areas of corporate finance, corporate governance and mergers and acquisitions.

Colin Keddy, CEO of Synergy Family Office, has established his reputation as a leader in Canada's financial sector for more than 20 years. He specializes in developing customized, comprehensive wealth management strategies for clients.

Following the annual general meeting the Directors of the Corporation are Antonio Comparelli, John Napier, James Chepyha, Doug McCartney and Colin Keddy.

"I am excited for Doug McCartney and Colin Keddy to join the Corporation as it continues to grow. I would like to thank Mr. Paul Shelley and Ms. Charlotte Janssen who did not stand for re-election at the annual general meeting for their contributions as directors and wish them well in their future endeavours," says Tony Comparelli - CEO, BnSellit Technology Inc.

Closing of First Tranche of Private Placement

The Corporation is also pleased to announce that it has completed the first tranche of a non-brokered private placement of unsecured convertible debentures in the aggregate principal amount of $100,000 (the "Convertible Debentures") at a price of $1,000 per principal amount of the Convertible Debentures (the "Offering").

The Convertible Debentures bear an interest from the date of closing at 10% per annum, payable monthly in arrears on the 30^th day of each calendar month, commencing on June 30, 2022. The Convertible Debentures will mature in 18 months from the date of the Convertible Debentures are issued (the "Maturity Date"). The Convertible Debentures will be convertible at the option of the holders into Class A Common shares of the Corporation (the "Shares") at a conversion price of $0.25 per Share (the "Conversion Price") at any time prior to the close of business on the Maturity Date.

If, following the closing of the Offering and prior to the Maturity Date, the volume weighted average price of the Shares on the Canadian Securities Exchange (the "CSE") for 10 consecutive trading days equals or exceed $0.60, the Corporation may force conversion of all of the principal amount of the Convertible Debentures at the Conversion Price, upon giving holders of the Convertible Debentures 15-day advance written notice, in accordance with the conversion terms.

All securities issued pursuant to this tranche of the Offering are subject to the applicable statutory hold period ending October 10, 2022. The Offering is subject to the approval of the CSE.

For further information, please contact:

Antonio Comparelli, Chief Executive Officer
Email: [e-mail]
Tel: [phone]
https://bnsellit.com/

Sian Bolton, Chief Financial Officer
Email: [e-mail]
Tel: [phone]

Neither the CSE nor its Regulation Services Provider (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.

SOURCE: BnSellit Technology Inc.

View source version on accesswire.com:
https://www.accesswire.com/704976/BnSellit-Technology-Inc-Announces-Change-of-Directors-and-Closing-of-First-Tranche-of-Private-Placement