03:20 PM EDT, 10/24/2025 (MT Newswires) -- Hyper Bit Technologies ( HYPAF ) was edging lower Friday as it closed its non-brokered private placement of unsecured convertible debentures with a principal amount of $512,450.77.

A statement noted that the debentures were issued at an original issue discount equal to 15%, the OID, of the principal amount, resulting in the company receiving $435,583.15 in gross proceeds.

The company said that the debentures are non-interest bearing and mature on the date that is three months from the date of issuance.

The company added that, on the maturity date, it has the right to convert the principal amount, less the OID, into units of the company at a price of $0.30 per unit.

"Further, the Principal Amount, less the OID, may be converted into Units at the Conversion Price, in whole or in part, at the option of the holder, at any time following the date of issuance but on or before the Maturity Date," said the company.

Each unit will be made up of one share and one common share purchase warrant. Each warrant will entitle the holder thereof to acquire one common share at a price of $0.40 per warrant share for a period of 36 months from the date of issuance.

The company plans to use the proceeds from the offering to facilitate an order of up to an additional 75 ElphaPex DG2 miners and for general working capital purposes.

"This financing strengthens our financial position as we move toward completing the acquisition of Dogecoin Mining Technologies and transitioning into active mining operations," said Hyper Bit Technologies' ( HYPAF ) President and Chief Executive Officer, Dallas La Porta. "Our immediate focus is on preparing infrastructure and securing next generation mining equipment, ensuring we're ready to scale quickly and efficiently."

Shares of the company were last seen down $0.005 to $0.35 on the Canadian Securities Exchange.

Price: 0.35, Change: -0.01, Percent Change: -1.41