MOBI724 Announces Decision By Lender to Convert $320,000 of Convertible Debt Into Shares and a Director to Exercise 1M Warrants
MONTREAL, March 29, 2018 (GLOBE NEWSWIRE) -- MOBI724 Global Solutions Inc. (“MOBI724” or the “Company”) (TSX-V:MOS) (OTCQB:MOBIF), a Fintech leader offering all in one fully integrated EMV payment, Card-Linked Offers, Digital Marketing and Business Intelligence Solutions, announced today that the holder of $320,000 of convertible debt (the “Debenture”) issued on October 6, 2016, at an interest at 8% per annum, has elected to convert this final tranche of the Debenture, as well as $25,600 of interest accrued. The Debenture including the interest will be converted into a total of 2,304,000 shares of MOBI724 at an exercise price of $0.15 per share which was contractually agreed upon on October 6, 2016.
MOBI724 also reports that pursuant to the Company’s announced Early Exercise Warrant Incentive Program (Press Released on March 19, 2018) a Director of MOBI724 will exercise 1,000,000 warrants for proceeds of $150,000 to the Company.
Marcel Vienneau, CEO of MOBI724, said, “These investment actions, taken by a key debt holder to become a shareholder and by an insider to increase his stake in the Company, demonstrate continued confidence in MOBI724’s progress and future growth. Our plans remain on track and we anticipate that the pace of news will accelerate.”
About Mobi724 Global Solutions Inc.
“We enable smart transactions anywhere”
MOBI724, a leader in the Fintech industry based in Montreal (Canada), offers a unique and fully integrated suite of payment, digital marketing and business intelligence solutions with a combined EMV Payment, Card Linked Offers, Digital Marketing & Business Intelligence platform that works on any card and any mobile device. MOBI724's solutions add value to all types of transactions benefiting banks, retailers and cardholders by leveraging available user and purchasing data to increase transaction volumes and spend. MOBI724 provides a turnkey solution to its clients to capture card transactions on any mobile device, at any point of sale or from any payment card. MOBI724 provides its customers with full and comprehensive traceability and enriched consumer data through its offering. Its solutions enable card associations, retailers, manufacturers, offer providers, mobile operators and card issuers to create, manage, deliver and "track and measure" incentive campaigns worldwide to any mobile device and allow its redemption at any point of sales
Certain statements in this document, including those which express management’s expectations or estimations with regard to the Company’s future performance, constitute “forward-looking statements” as understood by applicable securities laws. Forward-looking statements are, of necessity, based on a certain number of estimates and hypotheses; while management considers these to be accurate at the time they are expressed, they are inherently subject to significant uncertainties and risks on the commercial, economic and competitive levels. We advise readers that these forward-looking statements are subject to risks, uncertainties, and other known and unknown factors that may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied in these forward-looking statements. Investors are advised to not rely unduly on the forward-looking statements. This advisory applies to all forward-looking statements, whether expressed orally or in writing, attributed to the Company or to any individual expressing them in the name of the Company. Unless required by law, the Company is under no obligation to publicly update these forward-looking statements, whether to reflect new information, future events, or other circumstances.
The TSX Venture Exchange (TSXV) has not reviewed this news release and does not accept responsibility for its adequacy or accuracy. This news release does not constitute a solicitation to buy or sell any securities in the United States.
For further information, please visit MOBI724.com or contact:
Mr. Andreas Curkovic
Proconsul Capital Ltd.
T: 416-577-9927; E: firstname.lastname@example.org
Released March 29, 2018