TORONTO, June 07, 2024 (GLOBE NEWSWIRE) -- ARHT Media Inc. ("ARHT" or the "Company") (TSXV:ART), (OTCQB:ARHTF) the global leader in the development, production and distribution of high-quality, low latency hologram and digital content, is pleased to announce that the Company has successfully closed the first tranche of a private placement (the "Private Placement") of 2024 Series B secured subordinated debentures (the "Debentures") for an aggregate principal amount of $825,000 (the "Principal Amount"). A second and final tranche of the Private Placement of up to an additional $375,000 is expected to close by June 16, 2024. The Debentures mature on August 3, 2025 (the "Maturity Date") and carry an annual interest rate of 15%, accrued and payable semi-annually on each of June 30 and December 31, in cash or shares at the option of the Company and subject to the approval of the TSX Venture Exchange (the "TSXV"). Subject to certain conditions, the Company will have the right to prepay any or part of the Debentures at any time prior to the Maturity Date by paying the Principal Amount. The Debentures are secured by substantially all of ARHT's assets pursuant to an amended and restated general security agreement effective as of June 6, 2024, in favor of the collateral agent on behalf of the existing debenture holders ("GSA"). The Principal Amount of Debentures rank pari passu with the $2,279,666 of principal amount of existing secured subordinated debentures of the Company with substantially the same terms (other than with respect to date of issue and commencement of interest accrual) and are secured against all of the assets of the Company pursuant to the GSA. The security interest in ...