Poynt Corporation (TSXV:PYN) announced a non-brokered private placement of secured convertible debentures for gross proceeds of CAD 8,000,000 on April 23, 2012. The debentures will mature in 36 months from the date of issuance, will bear interest at 9% per annum payable semi-annually in arrears on June 30 and December 31 of each year commencing on June 30, 2012, and can be converted into common shares of the company at CAD 16.67 per share. The interest payable on the debentures may be satisfied through issuance of shares at a price equal to greater of CAD 0.10 or the 20 day volume-weighted average price of the common shares on the TSX-V determined prior to the payment of such interest. The securities being issued pursuant to the transaction are subject to a hold period of four months and one day. The transaction is expected to close, in one or more tranches, on or about April 30, 2012. On May 8, 2012, the company announced that it amended the terms of the transaction and it will issue now issue 10,000 debenture units at a price of CAD 1,000 per unit. Each unit consists of one CAD 1,000 principal value secured convertible debenture and 200 share purchase warrants to purchase common shares. Each warrant will entitle the holder to acquire one common share at an exercise price of CAD 0.20 per share for a period of three years from the date of issuance. The debentures will carry interest, payable in cash, at the rate of 12% per annum from the first anniversary of the date of issue, which interest will be payable quarterly in arrears, on June 30, September 30, December 31 and March 31, in each such year. There will be no interest payable on the debentures for a period of one year from the date of issuance of the debentures. The debentures shall mature and be repayable on that date that is 36 months from the date of issuance. The principal amount of debentures shall be convertible into common shares, at the holder's option, in whole or in part, at a price of CAD 0.20 per common share, subject to adjustment in certain events, at any time prior to the earlier of the maturity date, and the last business day prior to the date specified for redemption of the debentures. The debentures are redeemable by the company, in whole or, from time to time, in part, after that date that is six months from the date of issuance and prior to the maturity date. The securities will have a hold period of four months and one day. The transaction is expected to be completed, in one or more closings, on or about May 17, 2012.