Callitas Health Inc (CNSX:LILY) has completed its first closing of a non-brokered private placement of convertible debenture units.
Thus far, C$157,000 of convertible debenture units have been issued.
The debentures bear interest of 10% per annum for a term of two years and are convertible into common shares of the company at a conversion price of 50 cents per share.
Each unit consists of C$500 in shares at 25 cents (2,000 shares), C$500 in unsecured debentures and 2,000 warrants exercisable at 32 cents for a period of two years.
Proceeds from the issue will be used for general administrative expenses and to further certain of the company's development projects.