MOBI724 Global Solutions Inc. Implements an Early Exercise Warrant Incentive Program
MONTREAL, March 19, 2018 (GLOBE NEWSWIRE) -- MOBI724 Global Solutions Inc. ("MOBI724" or the "Company") (TSX-V:MOS, OTC QB:MOBIF), a Fintech leader offering all in one fully integrated EMV payment, Card-Linked Offers, Digital Marketing and Business Intelligence Solutions announces an early exercise warrant incentive program (the “Incentive Program”) designed to encourage the exercise of 11,640,000 outstanding and unlisted warrants (the “Warrants”) that were issued to shareholders (the “Warrant Holders”) on October 5th 2016, October 28, 2016 and December 23rd, 2016. The Warrants have an exercise price of $0.15 and expire on August 31, 2018.
Pursuant to the Incentive Program, as an inducement to exercise the Warrants, the Company is offering the Warrant Holders the possibility to subscribe to additional warrants. The Incentive Program shall be valid until April 13, 2018 at 17h00 EDT (“Incentive Program Expiry Date”). For each Warrant exercised on or prior to the Incentive Program Expiry Date by a Warrant Holder, the Company shall issue to the Warrant Holder one (1) additional warrant exercisable at a price of $0.46 which shall expire on April 13, 2019 (“Incentive Warrants”). The Incentive Warrants will be 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. If a Warrant Holder does not exercise his/her Warrants prior to the Incentive Program Expiry Date, they shall continue to be exercisable until their original expiry date.
If all of the Warrants are exercised, the gross proceeds to the Company would represent $1,746,000 which shall be used for general working capital.
The Incentive Program is conditional to the approval of the TSX Venture Exchange. Upon receipt of the approval, the Company shall to send a notice to the Warrant Holders outlining the details of the Incentive Program and the Incentive Program Expiry Date.
A director of the Company, Allan Rosenhek, owns or control an aggregate 1,000,000 outstanding Warrants subject to the Incentive Program. The participation in the Incentive Program by, and issuance of the Incentive Warrants to, such 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 is 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 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: email@example.com
Released March 19, 2018