Mobi724 Global Solutions Announces Closing of Previously Announced Private Placement Financing of $750,000
Montreal, Quebec--(Newsfile Corp. - August 7, 2020) - Mobi724 Global Solutions Inc. (TSXV: MOS) ("Mobi724" or the "Company"), a fintech enabler of AI-enhanced payment card-linked incentives, announces closing of the non-brokered private placement financing of $750,000 ("Private Placement") which was announced via Press Release dated August 4th, 2020 and consisted of:
- The issuance of a new convertible debenture in the amount of $4,376,663.19 comprised of an existing debenture (the "Sept-2016 CD") issued to an institutional holder with a value at maturity (July 31, 2020) of $3,976,663.19 (including principal and interest) combined with $400,000 of new proceeds (the "New CD"). The New CD replaces the Sept-2016 CD, matures on June 30, 2022, bears interest at a rate of 6% per annum payable on the maturity date and includes the Company's right to convert the debenture into common shares of the Company ("Share") at $0.26 per Share at maturity; and
- The issuance of a convertible debenture in the amount of $350,000 to a new investor (the "New Investor CD") which matures on August 6, 2023, bears interest at a rate of 10% per annum payable on the maturity date and is convertible at a price of $0.05 per Share during the first year, and $0.10 per Share following the first year. The New Investor CD also comprises 1,000,000 detachable warrants ("Warrants"). Each Warrant entitles the holder to purchase one Share for a period of 3 years after the closing date at a price of $0.075 per Share.
The Private Placement was sold pursuant to exemptions from prospectus requirements. The securities issued pursuant to the Private Placement are subject to a statutory hold period of four months and one day and its completion remains subject to the final approval of the TSX Venture Exchange.
The TSX Venture Exchange has approved the amendment of the $500,000 12% interest bearing debenture issued on January 15, 2019 (the "Jan-2019 CD"). The conversion price has been amended from $0.15 to $0.10 per Share. We hereby rectify an error in the August 4th, 2020 press release to the effect that the new maturity date for the Jan-2019 CD is July 31, 2022 instead of June 30, 2022.
About Mobi724 Global Solutions Inc.
Every Transaction is An Opportunity
Mobi724 Global Solutions Inc. (TSXV: MOS) is a fintech company which provides a platform, that enables banks and merchants to offer their customers real-time payment card-linked incentives, in a white-label format. Mobi724's objective is to add a layer of AI-driven actionable intelligence to every payment transaction, creating engaging consumer experiences & generating incremental commercial opportunities to its clients.
Mobi724 cautions investors that any forward-looking statements or projections made by Mobi724 are subject to risks and uncertainties, that may cause actual results to differ materially from those projected. Such factors include, but are not limited to, those described under Item 'Risk Factors and Uncertainties' in the Company's Management Discussion and Analysis, available on SEDAR.
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:
Investor Relations Coordinator
Mobi724 Global Solutions Inc.
Marcel Vienneau, CEO
Mobi724 Global Solutions Inc.
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To view the source version of this press release, please visit https://www.newsfilecorp.com/release/61248