Western Pacific Trust Company (TSXV:WP) announced a private placement of 61,350 series II preferred shares at a price of CAD 10 per share for gross proceeds of CAD 613,500 on September 2, 2020. The transaction may include participation from certain insiders, including directors and officers, of the company. The shares are convertible into common shares of the company at a fixed conversion price of CAD 0.15 per share, subject to adjustment. The holders of the series II preferred shares have the right to convert the series II shares into common shares, at an event when closing price of the common shares on the exchange is greater than CAD 0.30 for a period of 30 consecutive trading days. The shares carry a non-cumulative dividend at a fixed rate of 5% per annum paid on quarterly basis. The conversion right will be available to the holder for 5 years from the date of issuance of the series II preferred shares issued in the transaction. The securities issued in the transaction will be subject to a four months and one day hold period. The transaction is subject to approval from the Exchange.