MIAMI and TORONTO, Sept. 14, 2021 /CNW/ - XTM, Inc. ("XTM" or the "Company") (OTCQB: XTMIF) (CSE: PAID) (FSE: 7XT), a Miami and Toronto-based Fintech company in the neo-banking space, providing mobile banking and payment solutions for the hospitality and personal care industries throughout North America, is pleased to announce a non-brokered private placement offering (the "Offering") of up to 15,000,000 units of the Company ("Units") at a price of $0.40 per Unit, for gross proceeds of up to $6,000,000.00. Each Unit consists of one common share in the capital of the Corporation (each a "Common Share") and one warrant exercisable for one additional Common Share at a price of $0.65 for a period of 24 months after closing. In the event that the volume-weighted average price (VWAP) of the Common Shares on the Canadian Securities Exchange or a recognized Canadian stock exchange is equal to or greater than $1.00 over a ten consecutive trading day period, XTM may at its option accelerate the expiry of the Warrants by issuing a press release (a "Warrant Acceleration Press Release") and in such case the expiry of the Warrants shall be deemed to be on the 30th day following the issuance of the Warrant Acceleration Press Release.
The Offering is subject to the approval of the CSE and the securities issued pursuant to the Offering will be subject to a four-month hold period under securities laws. XTM anticipates that the net proceeds of the Offering will be used for general working capital purposes and strategic acquisitions
Closing of the Offering is anticipated to occur on or about September 20, 2021 or such other date or dates that the Corporation may determine.