TORONTO, June 15, 2026 (GLOBE NEWSWIRE) -- Clip Money Inc. (TSX-V: CLIP) (“Clip Money” or the “Company”), a company that operates a multi-bank self-service deposit system for businesses, is pleased to announce the closing of its amendment (the “Note Amendment”) of the unsecured convertible notes of the Company issued on May 4, 2023 (the “First Tranche Convertible Notes”) and June 14, 2023 (the “Second Tranche Convertible Notes” and, together with the First Tranche Convertible Notes, the “Original Notes”). As previously announced by the Company on May 4, 2026, the Company offered all holders of the Original Notes the opportunity to consent to the Note Amendment and enter into amended and restated notes (the “Amended Notes”).
The Amended Notes extend the original maturity date of the Original Notes (the “Original Maturity Date”) by 12 months, from May 4, 2026 to May 4, 2027 in respect of the First Tranche Convertible Notes, and from June 14, 2026 to June 14, 2027 in respect of the Second Tranche Convertible Notes. In addition, the Amended Notes reduce the conversion price (the “Conversion Price”) from CAD$0.50 per common share of Clip Money (the “Common Shares”) to CAD$0.40 per Common Share.
The principal amount of the Amended Notes will continue to bear interest at a rate of 12% per annum compounded monthly. Other than the extension of the Original Maturity Date and the reduction of the Conversion Price, no other terms of the Original Notes have been amended. For details of the other terms of the Original Notes, please see the press release issued by the Company on May 4, 2023.
There are 16 Original Notes, representing an aggregate principal amount of CAD$2,055,586, for which the holders have consented to the Note Amendment and have entered into Amended Notes. There are 17 Original Notes, representing an aggregate principal amount of CAD$506,228, for which the holders have not consented to the Note Amendment. No holders of Original Notes have objected to the Note Amendment.
The Company will coordinate payment of the principal amount owing to all holders who did not consent to the Note Amendment. Accrued interest owing under the Original Notes of non-consenting holders will be satisfied through the issuance of Common Shares at a price per Common Share equal to the Market Price at the close of business on June 12, 2026, being CAD$0.185 per Common Share. The aggregate interest converted to Common Shares for non-consenting holders was CAD$233,110.38, which will be settled by the issuance of 1,260,059 Common Shares.
Forward‐Looking Statements
This news release may contain forward‐looking statements (within the meaning of applicable securities laws) which reflect the Company’s current expectations regarding future events. Forward-looking statements are identified by words such as “believe”, “anticipate”, “project”, “expect”, “intend”, “plan”, “will”, “may”, “estimate” and other similar expressions. These statements are based on the Company’s expectations, estimates, forecasts and projections and include, without limitation, statements regarding the future success of the Company’s business and the payment of principal and accrued interest to non-consenting holders of the Original Notes.
The forward-looking statements in this news release are based on certain assumptions. The forward-looking statements are not guarantees of future performance and involve risks and uncertainties that are difficult to control or predict. Readers, therefore, should not place undue reliance on any such forward-looking statements. Further, these forward-looking statements are made as of the date of this news release and, except as expressly required by applicable law, the Company assumes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.
Neither the TSX Venture Exchange (the “TSXV”) nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.
About Clip Money Inc.
Clip operates a multi-bank self-service deposit system for businesses through the Clip Money network that gives users the capability of making deposits outside of their bank branch at top retailers and shopping malls. Rather than having to go to their personal bank branch or using a cash pickup service, businesses can deposit their cash at any ClipDrop Box, ClipATM, or ClipCenter located near them. After being deposited, the funds will automatically be credited to the business’ bank account, usually within one business day. The Company combines functional hardware, an intuitive mobile app and an innovative cloud-based transaction engine that maximizes business-banking transactions. Combined with mobile user applications, Clip offers a cost-effective and convenient solution for business banking deposits in metropolitan statistical areas across Canada and the United States. For more information about the Company, visit www.clipmoney.com.
For further information, please contact:
Joseph Arrage
Chief Executive Officer
tel: 844-593-2547
