Mobi724 Global Solutions Announces Private Placement Financing
MONTREAL, Jan. 04, 2019 (GLOBE NEWSWIRE) -- MOBI724 Global Solutions Inc. (“MOBI724” or the “Company”) (TSX-V:MOS) (OTCQB:MOBIF), a global Fintech company offering a fully integrated suite of multiple Card-Linked Offers and Rewards (“CLO&R”), Digital Marketing and Business Intelligence (“DMBI”) and Payment Solutions (“Payment”) is pleased to announce a non-brokered private placement (the "Private Placement") offering of up to 19,230,769 common shares ("Shares") at a price of $0.065 per Share for gross proceeds of up to $1,250,000 and offering of non-secured convertible debentures of up to $1,250,000 (“Debentures”) convertible into Shares at a conversion price of $0.15 per Share. The Debentures will mature 24 months following their issuance and will bear interest at a rate of 12% per annum. The Private Placement is comprised of 50% Shares and 50% Debentures.
The Company intends to use the net proceeds of the Private Placement to finance ongoing obligations of the Company and general working capital.
Completion of the Private Placement remains subject to the final approval of the TSX Venture Exchange. All securities issued pursuant to the Private Placement will be subject to a statutory four month hold period.
The Company may pay finder's fees in connection with the Private Placement.
Conversion of Debt:
As previously announced on December 5th 2018, the Company has issued an aggregate of 714,286 common shares at a price of $0.07 to a former employee and a former consultant of I.Q. 7/24 Inc. representing the first tranche of the settlement. The payment of the second tranche of the settlement in the aggregate amount $50,000 and conversion into common shares at a price of $0.07 is subject to the approval of the shareholder’s which approval will be sought at the next annual general meeting and is also the conditional approval of the Exchange.
About Mobi724 Global Solutions Inc.
“We enable smart transactions anywhere.”
MOBI724, a global Fintech company, offers a fully integrated suite of multiple Card-Linked Offers and Rewards, Digital Marketing and Business Intelligence and Payment Solutions (including a mobile EMV compliant payment platform), which work with any payment card, on any mobile device and at any Point of Sale. MOBI724 provides turnkey 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 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.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. This news release does not constitute a solicitation to buy or sell any securities in the United States.
For further information, please visit www.MOBI724.com or contact:
Mr. George Aizpurua
First Canadian Capital Corp.
T: 647-500-2389/416-742-5600; E: firstname.lastname@example.org
Ms. Rachel Girard, CPA, CA
Chief Financial Officer
MOBI724 Global Solutions Inc.
T: 514-394-5200; E: IR@mobi724.com
Released January 4, 2019