Mavrix Fund Management Inc. announced today that it has signed a commitment letter for the issuance of $6 million of debenture financing with VentureLink Financial Services Innovation Fund Inc.
The debenture matures July 2, 2011, will bear interest at 10%, and will include 600,000 warrants to purchase common shares of Mavrix.
The placement is subject to several conditions and approvals and is expected to close on or about June 15.
Mavrix say it intends to use the proceeds of the placement to purchase the existing convertible debenture held by VentureLink and for general corporate purposes.