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XRM Inc (OTCMKTS:XTMIF) Stock Gains Momentum: Here is Why

XRM Inc (OTCMKTS:XTMIF), which is based out of both Miami and Toronto, is best known for creating disruptive payment innovations in the financial technology space. Last Friday the company had announced that it was going to conclude a private placement of a non-brokered nature of convertible debentures of XRM.

Trading Data

On Friday, XTMIF stock jumped 6.76% to $0.1200 with more than 77.05K shares traded, compared to volume of 30.22K shares. The stock moved within a range of $0.1183 – 0.1299 after opening trading at $0.1299.

XTM Inc. Announces Convertible Debenture Financing of up to $5,000,000

The company set the price of $1000 for each convertible debenture with the target of generating gross proceeds of $5,000,000. Each convertible debenture would be made up of $1000 in the form of unsecured convertible debenture and 1000 common share purchase warrants. A warrant holder would be entitled to pick up one common share in XRM for the price of $0.29 each for a period of 24 months since the day of issuance.

The convertible debentures would also bear interest rate of 10% per year. The interest would be calculated and paid quarterly. It would commence on September 30, 2024 and would mature in twenty months since the day of issuance. The debt raised from the convertible debentures would be unsecured debts and would be subordinated to all the existing as well as future debts of the company. XRM seeks to use the fresh capital for general working capital purposes.

Published by Pete Matthews

Pete attended the University of Colorado and still calls the centennial state home. He chases trout in the summer and snowboards in the winter. He is fascinated with the markets and has a strong interest in nanocap stocks and crypto currency.

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