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Siyata Mobile Closes Non-Brokered Private Placement of CDN$1,330,000 in Unsecured Convertible Debentures

June 26, 2020

Montréal, QC Siyata Mobile Inc. (TSX-V:SIM / OTCQX: SYATF / FRA: WK3D) (the “Company” or “Siyata”) is pleased to announce it has completed its previously announced non-brokered private placement financing (the “Offering”) pursuant to which Accel Telecom Ltd. (“Accel”) subscribed for 1,330 senior unsecured convertible debentures (the “Convertible Debentures”) at an issue price of CDN$1,000 per Convertible Debenture for aggregate gross proceeds of CDN$1,330,000.

Each Convertible Debenture is convertible, at the option of the holder, into 3,333 common shares in the capital of the Company (the “Common Shares” and each, a “Common Share”) at a price of CDN$0.30 (the “Conversion Price”) per Common Share, subject to adjustment in certain events.

Each Convertible Debenture bears interest at a rate of 10.0% per annum from the date of issue, payable in cash quarterly in arrears. Any unpaid interest payments will accrue and be added to the principal amount of the Convertible Debenture.

The Convertible Debentures will mature on June 26, 2021 (the “Maturity Date”) and are redeemable at 101% of the face value at any time after the closing date.

Accel received 1,330,000 non-transferrable common share purchase warrant (each, a “Warrant”). Each Warrant entitles the holder thereof to purchase one Common Share (each, a “Warrant Share”) at an exercise price of CDN$0.30 per Warrant Share until June 26, 2021.

Due to Accel’s relationship as an insider to the Company, the Offering is considered a “related party transaction” as defined under Multilateral Instrument 61-101 (“MI 61-101”). Pursuant to Section 5.5(a) and 5.7(1)(a) of MI 61-101, the Company is exempt from obtaining a formal valuation and minority approval of the Company’s shareholders in respect of the Offering due to the fair market value of the related party’s participation in the Offering being below 25% of the Company’s market capitalization for purposes of MI 61-101.

An existing arm’s-length debenture holder amended the terms of its outstanding convertible debentures in the amount of CDN$250,000 due June 28, 2020 (the “Existing Debentures”) on equivalent terms as the Offering (the “Amendment”).

No finders fees were paid in conjunction with the Offering or Amendment.

The securities issued on conversion of the Convertible Debentures and Warrants are subject to a statutory hold period of four (4) months and one (1) day. Net proceeds of the Offering will be used to fund general working capital and a portion may be used to pay down any Existing Debentures that are not amended pursuant to the Amendment.

This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

Q1 2020 Financials and Conference Call

The Company will also be filing its Q1 2020 financial results on Tuesday June 30th, 2020 and will be hosting a conference call to discuss these results on Thursday July 2, 2020 9:00 AM EST (6:00 AM PST) to facilitate the Canadian holiday. Conference call details are set out below.

Details of the conference call:

Date: Thursday, July 2nd, 2020
Time: 9:00 a.m. EST
Toll-free dial-in number: (866) 521-4909
International dial-in number: (647) 427-2311

About Siyata

Siyata Mobile Inc. is a B2B global vendor of next generation Push-To-Talk over Cellular (PTT) devices and cellular booster systems. Its portfolio of in-vehicle and rugged smartphones enable first responders and enterprise workers to instantly communicate, over a nationwide cellular network of choice, to improve communication, increase situational awareness and save lives.

Its portfolio of enterprise cellular booster systems enables first responders and enterprise workers to amplify its cellular signal in remote areas, inside structural buildings where signals are weak and within vehicles for maximum cellular signal strength possible.

Visit and to learn more.

On Behalf of the Board of Directors of:


Marc Seelenfreund

Investor Relations:

Arlen Hansen
Kin Communications

Sales Department:

Glenn Kennedy, VP Sales
Siyata Mobile Inc.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

This news release may include forward-looking statements that are subject to risks and uncertainties. All statements within, other than statements of historical fact, are to be considered forward looking. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, continued availability of capital and financing, and general economic, market or business conditions. There can be no assurances that such statements will prove accurate and, therefore, readers are advised to rely on their own evaluation of such uncertainties. We do not assume any obligation to update any forward-looking statements except as required under the applicable laws.

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