Montreal-based Fintech company ATW Tech Inc. (TSX-Venture:ATW) had exciting financial news to share as morning turned to afternoon on mid-week Wednesday.
The company announced that Groupe Gestion G5 Inc. has converted its convertible debenture, worth $2 million, into 20,000,000 common shares of ATW Tech at a conversion price of $0.10 per Common Share.
This conversion will allow ATW Tech to discharge its $2-million debt, which was to come due in October 2021, as well as to avoid $200,000 in annual interest charges.
The Company also announces its intention to complete a $600,000 private placement, on terms that will be announced shortly. ATW is the owner of several web platforms including VoxTel and Option.vote.
Shares in ATW vaulted 1.5 cents, or 150%, Wednesday afternoon to 2.5 cents, on awesome volume of 1.9 million shares.