Metaguest.AI Announces Issuance of Secured Convertible Loan
Toronto, Ontario–(Newsfile Corp. – February 8, 2024) – Metaguest.ai Incorporated (CSE: METG) (formerly BnSellit Technology Inc.) (the “Corporation”) has closed a secured convertible loan in the amount of $235,000 (the “Convertible Loan”) with a private lender, a company with common officers and directors of the Corporation (the “Lender”). The Convertible Loan bears an interest rate of 12%, is convertible at a price of $0.30 per common share and has a maturity date of February 6, 2025. The Corporation has also issued 117,500 share purchase warrants, to the Lender, exercisable for two years at a price of $0.30 per share. The Convertible Loan is secured by a general security agreement between the parties. Proceeds of the Convertible Loan will be used to repay the $210,000 secured bridge loan and accrued interest which was funded in December 2022.
The issuance of the Convertible Loan to the Lender constitutes a “related party transaction” as such term is defined by Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (“MI 61-101”). The Corporation was exempt from the MI 61-101 valuation and minority approval requirements for related party transactions in connection with the Convertible Loan under sections 5.5(a) and 5.7(1)(a) of MI 61-101 as neither the fair market value (as determined under MI 61-101) of the subject matter of, nor the fair market value of the consideration for, the transaction, insofar as it involves the Lender, exceeds 25% of the Corporation’s market capitalization (as determined under MI 61-101).
For further information, please contact:
Antonio Comparelli, Chief Executive Officer
Email: tc@metaguest.ai
Tel: 416-720-8677
Chris Carmichael, Chief Financial Officer
Email: ccarmichael@metaguest.ai
Tel: 647-225-4337
About Metaguest.ai Incorporated
Metaguest.ai Incorporated is a cutting-edge technology company that develops advanced AI platforms for the hospitality industry designed to enhance the guest experience. Our flagship products are comprehensive solutions that addresses all aspects of the guest journey, from pre-arrival to post-departure. Features include on-property e-commerce with electronic payments, real-time in-room service management, mobile check-out, personalized in-room controls, local experience/event bookings, virtual personal concierge and more. Guests engage in over 16 languages, on any connected device and without the need to download an app or visit a web site. By leveraging the platforms, hotels, resorts and short-term rental property owners can improve their operational efficiency, personalize the guest experience, increase revenue and overall customer satisfaction.
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