Victory Square Technologies (CSE:VST), a company that invests in disruptive global technology companies announced that its subsidiary, V2 Games is undergoing a C$3 million private placement. As part of the financing, the company is issuing unsecured convertible debentures, priced at C$1,000 with a term of two years. The debentures will have an interest rate of 8 percent, convertible at maturity into cash or common shares of V2 Games.
As quoted in the press release:
Each Debenture issued pursuant to the Private Placement has an issue price of $1,000, a term of two years from the date of issuance and will accrue interest at a rate of 8% per annum. The principal amount of the Debentures, plus accrued and unpaid interest, will be payable in cash on the maturity date unless otherwise converted into common shares of V2 Games prior to such date.
V2 Games is a video and mobile game ventures firm focusing on royalty investments in high-value gaming projects featuring globally-recognized intellectual properties. The company generates cash flow by streaming revenue share from recognizable gaming projects. Examples of these projects include: Pacific Rim: Breach Wars, Rune: Ragnarok, and Hello Kitty. V2 Games previously developed the hit mobile game PAC-MAN Bounce, which got over 20 million downloads.