Yappn Corp. (OTCPK:YPPN) announced a private placement of units at $1 per unit for gross proceeds of $2,086,000 on December 30, 2015. Each unit will comprise of a 12% secured convertible debenture and ten five year common share purchase warrants.

Each warrant will entitle the holder to purchase one common share at $0.01. The debenture carries a fixed coupon of 12% per annum and would mature five years from issuance. The debenture/loan is convertible into common shares of the company at a conversion price of $0.25 per share.