Leading provider of information technology solutions for the Internet of Things market, Direct Communication Solutions (OTCMKTS:DCSX), on September 9, 2022, announced the closing of the non-brokered private placement. The fully subscribed offering for an aggregate of US$1,500,000 was in unsecured convertible debentures.
Trading Data
On Friday, DCSX stock ended flat at $0.9640 with more than 10 shares, compared to its average volume of 2.74K shares. The stock moved within a range of $0.9640 – 0.9640 after opening trade at $0.8679.
DCS Announces Closing of Fully Subscribed USD $1.5 Million Private Placement Financing
CEO Chris Bursey said that the company has consistently strived on being diligent in capital raising for ensuring minimal dilution for shareholders. Bursey added that it will help with the process of uplisting to senior US Exchange.
With a maturity date of two years from the the date of issuance, the debentures will bear interest at 10% per annum, paid semi-annually.
The subscribers can convert part or all of the principal amount outstanding under Debentures into shares of common stock. Convertible into common stock shares, the debentures have a higher of US$1.19 or a price equal to Shares of its next financing done before the 2nd anniversary of closing date less a 25% discount.
Post issuance of Debentures, the firm will be issuing 750,000 share purchase warrants. Every Warrant entitles the holder for buying a single Common Share at a price of US$0.86 per share for over 2 years from the date of issuance of the Debentures.
Technical Data
DCSX stock is trading below the 20-Day and 50-Day Moving averages of $0.9421 and $08953 respectively. However, the stock is trading above the 200-Day moving average of $0.5320. The company has a total market capitalization of $15.55 million.
