MONTREAL, Dec. 23, 2022 /CNW Telbec/ - Mobi724 Global Solutions Inc. ("Mobi724" or the "Company") (TSXV: MOS), a fintech enabler of AI-powered payment card-linked solutions, announces that it has closed a non-brokered private placement financing (the "Offering") previously announced on December 12, 2022 for proceeds of $520,000, $417,500 of which were closed into escrow.
The closing of the Offering consisted of the sale of 20,800,000 units (each, a "Unit") of the Company at a price of $0.025 per Unit. Each Unit is comprised of one common share of the Company (a "Common Share") and one Common Share purchase warrant of the Company (a "Warrant"). Each whole Warrant entitles the holder thereof to purchase one Common Share (each a "Warrant Share") for a period of 5 years expiring December 23, 2027, at a price of $0.05 per Warrant Share. 4,100,000 Units have been issued on closing and 16,700,00 Units have been closed in escrow pending receipt of TSX Venture Exchange final approval.
The Offering was sold pursuant to exemptions from prospectus requirements. The proceeds from the sale of Units will be added to working capital in furtherance of the Company's business. The securities issued pursuant to the Offering shall be subject to a statutory hold period of four months and one day expiring April 23, 2023, as well as the Exchange Hold Period as the Offering was carried-out pursuant to the Minimum Price Exception stipulated in Policy 1.1. Completion of the private placement remains conditional to the final approval of the TSX Venture Exchange.
Closing of a debenture private placement
The Company also announces that it has successfully closed a private placement which consisted of the issuance of an unsecured convertible debenture ("Debenture") previously announced on December 12, 2022 in the amount of $396,000 maturing on December 23, 2024, bearing interest at a rate of 15% per annum with capital and interest payable on the maturity date. The Debenture is convertible into common shares at a price of $0.10 per share. The Debenture was issued pursuant to exemptions from prospectus requirements and shall be subject to a statutory hold period of four months and one day expiring April 23, 2023. Closing of the Debenture private placement shall also be subject to the final approval of the TSX Venture Exchange.
About Mobi724 Global Solutions Inc.
Every Transaction is An Opportunity
Mobi724 Global Solutions Inc. (TSX-V: MOS) is an AI powered 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. Learn more at mobi724.com.
Legal Disclaimer
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. Any forward-looking statements reflect management's current estimates, beliefs, intentions and expectations; they are not guarantees of future performance. Mobi724 cautions that all forward-looking statements are inherently uncertain and that actual performance may be affected by a number of material factors, many of which are beyond Mobi724's control. Accordingly, actual and future events, conditions and results may differ materially from the estimates, beliefs, intentions and expectations expressed or implied in the forward-looking information. Except as required under applicable securities legislation, Mobi724 undertakes no obligation to publicly update or revise any forward-looking information.
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 AND IS NOT FOR DISTRIBUTION TO US NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES.
SOURCE Mobi724 Global Solutions Inc.
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