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Upco arranges $20-million financing with LDA Capital

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Upco arranges $20-million financing with LDA Capital 2019-12-17 20:33 ET - News Release Mr. Andrea Pagani reports UPCO INTERNATIONAL INC. OBTAINS A CAPITAL COMMITMENT AGREEMENT OF CAD $20 MILLION FROM PARTNER LDA CAPITAL The capital commitment agreement between LDA Capital LLC and Upco International Inc. has been executed and signed. This capital commitment is in the form of a put option that may be exercisable on a monthly basis; each amount will vary depending on Upco's volume during the previous 15-day period and price per share during the forward-looking 15-day pricing period. The strike price of the put option is determined by the VWAP (volume-weighted average price) during such period. On each put option exercise, LDA Capital will buy a minimum of 75 per cent of the average volume of shares at the VWAP. For example, if the VWAP is 10 cents and the average 15-day volume is 200,000 shares, for such put option LDA Capital will invest in Upco $105,000. The agreement will enable Upco to execute its marketing and distribution plan in multiple countries. "The Upco application and its functions will be explained during 2020 via our website, social media and print media in order to attract corporate clients and end-users," mentioned Gerben Borsje, chief commercial officer at Upco. LDA Capital's commitment is an injection of $20-million in cash within a maximum of three years in exchange for equity in Upco. The funds will be used specifically for working capital, brand development, public relations and marketing campaigns. "Upco's blockchain-driven technology combined with their mobile, social and payment integrations fit well with LDA's expertise within the evolving emerging technologies sector. The global use of interactive applications is rapidly growing, and we foresee Upco playing an important role in the sector over the years to come," mentioned Anthony Romano, managing partner of LDA Capital. "This important milestone helps expedite the implementation of Upco's roll-up strategy and is poised to entice new investors to become part of a successful story," stated Chris Manfre, managing director at Bardi Co. "The strategy Gerben and I designed in 2018 is now falling into place; Upco will realize exciting milestone within the next year," stated Andrea Pagani, chief executive officer of Upco International. About Upco International Inc. Upco International is a cloud-based mobile service company which provides high-quality voice termination to a market driven by the growing activity in on-line communications and commerce. Upco is a licensed global telecom carrier within the international VoIP (voice over Internet protocol) wholesale business. Upco has designed a software application for Apple iOS and Android, similar to Skype and WhatsApp. 2019 Canjex Publishing Ltd. All rights reserved. https://www.stockwatch.com/News/Item/?bid=Z-C%3aUPCO-2847444

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