RE:Lets look at this. The news is already out.
Revolugroup arranges $12.47M financing with HBDIG
2023-04-26 14:23 ET - News Release
Shares issued 193,585,376
REVO Close 2023-04-25 C$ 0.115
Mr. Steve Marshall reports
REVOLUGROUP CANADA INC. REPORTS IT HAS NEGOTIATED A $12.47 MILLION PRIVATE PLACEMENT LED BY EUROPEAN FINANCIALLY REGULATED HBDIG TECHNOLOGIES GMBH
Revolugroup Canada Inc. has negotiated a non-brokered private placement of up to 43 million units at a price of 29 cents each to raise gross proceeds of up to $12.47-million from strategic investor HBDIG Technologies GmbH, a company incorporated in Vienna, Austria, and regulated by the Financial Markets Authority of Austria (FMA). Each unit will consist of one common share and one warrant (each, a "Warrant") exercisable to purchase one additional common share at a price of $0.40 each for a period of one (1) year from the date of issuance.
The private placement is subject to TSX Venture Exchange approval, and all securities are subject to a four-month-and-one-day hold period. Finder fees may be payable in a combination of cash and/or warrants to UAE Based Financial Consultancy firm Resina Consulting FZ LLC headquartered in Fujairah, UAE in connection with the private placement, all in accordance with the policies of the TSX Venture Exchange.
Key Private Placement Allocations
Further to the news release dated November 25 th , 2022, the Company intends to partially utilize the private placement proceeds to accomplish the mutual business development strategy by way of the comprehensive 2-year plan to initiate on the day of the closing of the present private placement. The Mutual Business Development Strategy agreement also grants HBDIG Technologies GmbH the provision of one board member. Further Development Strategy also seeks to initiate the speedy expansion of numerous financial sectors in which the Company already has an operational presence, including centralized compliance fulfillment of KYC ("Know Your Customer") and AML ("Anti Money Laundering") for all adjoined users. The Company intends to utilize the remaining net proceeds from the private placement for general operating expenses and working capital.
Equity Investment Recap
Today's news release is further to and updates all the Company's prior news releases regarding the quoted "Equity Investment" and "Investment Suitors" including, but not limited to, the 5th of January, 2023, MOU ("Memorandum of Understanding") and subsequent six addendums all in connection with the planned "share equity acquisition," up to and including the news release dated April 24, 2023.