Upco International Inc. Announces Closing of Convertible Debenture Financing
Vancouver, British Columbia--(Newsfile Corp. - June 4, 2019) - Upco International Inc. (CSE: UPCO) (OTCQB: UCCPF) (FSE: U06) ("Upco") is pleased to announce it has closed a Convertible Debenture Financing and raised $288,750.
Upco has issued 55 convertible debentures representing a subscription price of Cdn. $5,250.00 per Convertible Debenture. The Convertible Debentures will be dated as of their date of issue and will mature on the date which is five (5) years from such date ("Maturity") and bear interest from their date of issue at 5% per annum. The Convertible Debentures will be convertible at the holder's option into fully paid and non-assessable common shares in the capital of Upco at a base conversion price of $ Cdn. 0.35 per Share, being a rate of 15,000 Shares for each $ Cdn. 5,250 principal amount of Convertible Debentures. The convertible debentures will convert into shares at the request of Upco if the closing price of Upco's shares has been equal to or greater than $Cdn. 0.50 per common share for a period of thirty (30) consecutive trading day. The company intends to use the net proceeds from the Debentures to fund additional project development, branding and marketing initiatives, as well as ongoing working capital and general corporate purposes.
About Upco International Inc.
Upco International Inc. is a cloud-based mobile service company which provides high-quality voice termination to a market driven by the growing activity in online communications and commerce. Upco is a licensed Global Telecom Carrier within the international VoIP (voice over IP) wholesale business. Upco has designed a software application for Apple iOS and Android, similar to SKYPE and WhatsApp. With the forthcoming addition of the Upco E-Wallet using Blockchain Payment Services, users will be able to: send invoices, approve payments, transfer international funds, convert international currencies, and track transfers and payments.
ON BEHALF OF THE BOARD OF DIRECTORS
Andrea Pagani, CEO and Director
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