Elysee Development Corp announced a non-brokered private placement of convertible debentures for proceeds of up to CAD 2,000,000 on May 27, 2024. The convertible debentures will mature on the date that is 48 months from the date of issuance and bear interest at 8% per annum, payable quarterly with the first payment being for the period from closing to September 30, 2024. At the option of the holder, the principal amount of the convertible debentures is convertible into common shares of the company, at any time from the date of issuance until the maturity date at a price equal to CAD 0.38 per common share.

The company may elect to redeem the convertible debentures at 102% of the nominal value at any time after the date that is 36 months from issuance and prior to the maturity date. Subscribers must purchase a minimum of CAD 25,000 in debentures to participate in the private placement. The shares issued on conversion of the convertible debentures will be subject to a hold period in compliance with applicable securities laws and the rules of the TSX Venture Exchange.

Certain insiders may participate in the private placement, up to a total of CAD 450,000.