02:26 PM EDT, 04/01/2024 (MT Newswires) -- Inspire Semiconductor Holdings ( INSSF ) , a chip design company, on Monday said it entered into secured loan agreements for a total US$450,000 from certain arm's-length investors and Jeff Schneider, a director of the company.

Each loan bears interest of 10% per annum payable on the maturity date, March 28, 2025. The loans may be repaid before the maturity date. Inspire says it may receive additional secured loans on the same terms up to a maximum amount of US$3 million.

Subject to TSXV approval, the company will issue a total of 48,911 bonus warrants to the lenders. Each warrant is exercisable for one proportionate voting share of the company at $12.50 each and will expire one year from the date of issue. Each PV share issued upon exercise of a PV warrant will be convertible into 100 subordinated-voting shares at the option of the holder.

The company has also closed a tranche of the non-brokered private placement previously announced on January 15, of subordinate voting share units or proportionate voting share units for total proceeds of C$136,000. Proceeds will be used for general working capital purposes.

Inspire shares were last seen up C$0.1 to C$0.135 on the TSX Venture Exchange.

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