Mobi724 Global Solutions Inc. Raises $930,000 From Early Exercise Warrant Incentive Program
MONTREAL, April 17, 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 announces that pursuant to the early exercise warrant incentive program (the “Incentive Program”) announced on March 19, 2018, eligible warrant holders (the “Eligible Warrant Holders”) have exercised 6,200,000 eligible warrants (“Eligible Warrants”) at a price equal to $0.15 for total gross proceeds of $930,00.00. A director of the Company has exercised 1,000,000 Eligible Warrants.
Marcel Vienneau, CEO of MOBI724, said, "We are pleased that eligible warrant holders, including a Director of the Company, have elected to exercise under the Incentive Program, and add to their investment in the Company. We appreciate their continued support and confidence. This Incentive Program is a cost effective and prudent way for MOBI724 to add close to $1 million to its treasury and provide flexibility given our growing sales pipeline. ”
In accordance with the Incentive Program, the Eligible Warrant Holders received 6,200,000 incentive warrants (“Incentive Warrants”) exercisable at a price of $0.46 which shall expire on April 13, 2019. The Incentive Warrants that were issued are subject to a four months and one day hold period in accordance with applicable securities regulations and are also subject to a forced conversion by the Company if, at any time prior to April 13, 2019, the common shares of the Company trade at a price equal to, or greater than, $0.65 for at least ten (10) consecutive trading days.
The participation in the Incentive Program by, and issuance of the Incentive Warrants to, a director constitutes a "related party transaction" as defined in Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions, which has been adopted by the TSX Venture Exchange pursuant to its Policy 5.9 - Protection of Minority Security Holders in Special Transactions. However, the Incentive Program and the issuance of Incentive Warrants are exempt from the formal valuation and minority shareholder approval requirements of such instrument and policy, as the Company’s common shares are listed on the TSX Venture Exchange and, in respect of the minority shareholder approval requirement, neither the fair market value of the additional Incentive Warrants, nor the consideration to be received for the Incentive Warrants exceeds 25% of the Company’s market capitalization.
About Mobi724 Global Solutions Inc.
“We enable smart transactions anywhere”
MOBI724, a global Fintech company, offers a fully integrated suite of multiple Payment Card-linked, Digital Marketing and Business Intelligence Solutions, which work with any payment card, on any mobile device and at any Point of Sale; and a mobile EMV compliant payment platform. MOBI724 provides turn-key solutions for card associations, card issuers, banks, retailers, manufacturers, offer providers, to create, manage, deliver and track and measure incentive campaigns worldwide in real time. The company captures value from big data to deliver seamless and personalized user experiences for the benefits of all parties in the ecosystem. MOBI724 headquarters are in Montreal, Canada, and the company presently has operations in North and Latin America, the Caribbean and Asia Pacific.
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 April 17, 2018