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Snipp Interactive Inc. Secures $4.5 Million Financing with Shen Capital
Snipp Interactive Inc., a Platform-as-a-Service company in the loyalty and promotions sector, announced the closure of a $4.5 million financing round through senior secured convertible debentures. The financing was led by Shen Capital Partners Inc., with participation from Lark Investments Inc. and company CEO Atul Sabharwal. Proceeds are intended to support growth and general working capital.
The debentures, maturing in three years, offer 3.45% annual interest. Conversion into company shares is set at $0.08 per unit before February 23, 2027, and $0.10 thereafter. Additionally, accelerated conversion is possible if certain market conditions are met. Snipp also plans a share consolidation, requiring TSX Venture Exchange approval.
This transaction may result in Shen Capital and Lark Investments becoming major shareholders, subject to shareholder approval acquired in January 2026. The company's board will soon include Martin Shen from Shen Capital as part of the strategic partnership.
R. P.
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