TORONTO, ONTARIO--(Marketwired - Nov. 4, 2014) - First Global Data Limited (the "Corporation") (TSX VENTURE:FGD) would like to announce that, further to its press release of September 22, 2014, it has issued Series "D" 10% convertible debentures (the "Debentures") in the aggregate principal amount of $500,000 on a non-brokered private placement basis to an arm's length party.
The Debentures bear interest at 10% per annum, such interest to be accrued until maturity. The Debenture matures on October 21, 2016 and is convertible, at the option of the holder, at a price of $0.12 per share at any time.
The Corporation intends to use the net proceeds from the Debentures to increase the reserve fund requirements (in the money remittance business known as the "float") and working capital.
In addition, the Corporation has agreed to convert three (3) promissory notes in aggregate amount of $500,000 maturing in December 2014 into three convertible debentures (the "Debt Debentures"). The Debt Debentures will bear interest at a rate of 10% per annum, such interest to be paid on a quarterly basis. The term of the Debt Debentures will be 24 months from the date of issuance and will be convertible, at the option of the holder, at a price of $0.12 per share at any time.
The issuance of the Debt Debentures will be subject to the receipt of all regulatory approvals, including the TSX Venture Exchange.
About First Global
First Global, through its various subsidiaries, is an international payments company whose services are designed primarily for the domestic and international underbanked markets. Services include Mobile and Online Payments and Money Transfers. The Corporation moves money domestically and internationally in full compliance with regulatory guidelines. First Global also enables its strategic partners and clients around the world with its leading edge financial services technology products. First Global maintains a strong focus on compliance and holds licenses to operate as a Money Service Business in the United States and around the world. The Corporation's electronic transaction infrastructure currently extends to approximately 97 countries worldwide. First Global's goal is to be one of the top two online money remittance companies and the leading global provider of ubiquitous mobile money payment solutions.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This press release contains forward-looking statements based on assumptions, uncertainties and management's best estimates of future events. Actual results may differ materially from those currently anticipated. Investors are cautioned that such forward-looking statements involve risks and uncertainties. Important factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements are detailed from time to time in the Corporation's periodic reports filed with the Ontario Securities Commission and other regulatory authorities. The Corporation has no intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.