Sixth Wave Innovations Inc. announced a non-brokered private placement of up to 2,000 unsecured convertible debentures at a price and principal amount of CAD 1,000 per convertible debenture for gross proceeds of CAD 2,000,000 on January 12, 2023. Interest on the convertible debentures can be paid in cash or units of the company, at the company's election, at a rate of 15% per annum, payable at the end of the term of the convertible debentures or upon conversion thereof, whichever one if first. The convertible debentures have a one year plus one day term.

The company has the right, at any time during the term, to repay in full the principal amount and any accrued and unpaid interest plus remaining interest to maturity on the convertible debentures, provided that the company gives 10 days' notice prior to doing so. At any time during the term, a holder of convertible debentures may elect to convert the outstanding net principal amount and any accrued and unpaid interest plus the remaining interest to maturity, or any portion thereof, into units at a conversion price of CAD 0.05 per unit. As at the date hereof, the company has accepted subscription agreements for the transaction in aggregate gross proceeds of approximately CAD 260,000.

The company may pay finders' fees in the form of cash commissions and/or finder's warrants, as determined by the company. The closing of the transaction is subject to the approval of the CSE. All securities that are issued pursuant to the transaction will be subject to, among other things, a hold period of four months and one day in accordance with applicable Canadian securities laws.