Connxion completes phase 1 of $1.5m note issue

Data and transaction services company Connxion Ventures (ASX:CXN) has announced it has completed the first phase of the raising of a $1.5 million convertible note.

Connxion said it would issue the note to two unnamed Australian investment companies, using the proceeds to upgrade its Electronic Bill Presentment and Payments platform and fund its regional growth strategy for Asia, and especially China.

The notes have a term of three years, a coupon of 12% per annum, and may be converted at 1 ordinary share for $0.025 after 12 months, scaling to $0.0525 after 36 months.

CXN sharers stayed flat on Wednesday at $0.013.