Highmark Interactive Inc. announced a private placement of 8% convertible note for gross proceeds of CAD 1,000,000 on August 12, 2022. The transaction included participation from management and directors. The interest on the note will be paid semi-annually for a term of two years with a conversion price based on future equity issuance.

The price at which the note may be converted will not be less than the greater of CAD 0.09 and the offering price of an equity financing in year one of the note or CAD 0.10 and the offering price of an equity financing in year two of the note.