Montreal, Quebec--(Newsfile Corp. - March 23, 2023) - Mobi724 Global Solutions Inc. (TSXV: MOS) ("Mobi724" or the "Company"), a fintech enabler of AI-powered payment card-linked solutions, announces that it has closed a non-brokered private placement financing consisting of unsecured convertible debentures in the amount of $700,000 (the "Offering").
The unsecured convertible debentures (the "Debentures") issued pursuant to the closing of the Offering mature 3 years from issuance on March 23, 2026, and bear interest at a rate of 10% per annum. The Debentures are convertible into common shares ("Common Shares") at a price of $0.05 (if converted after one year, the conversion price will revert to $0.10 pursuant to TSX Venture Exchange ("TSXV") Policies). At maturity, the Company shall have the option to convert the Debentures. As part of the Offering, the Company also issued 11,666,666 detachable common share purchase warrants ("Warrants"). Each whole Warrant entitles the holder thereof to purchase one Common Share (each a "Warrant Share") for a period of 3 years expiring March 23, 2026, at a price of $0.06 per Warrant Share.
The Offering was sold pursuant to exemptions from prospectus requirements. The proceeds from the closing of the Offering 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 July 24, 2023. Completion of the private placement remains conditional to the final approval of the TSX Venture Exchange.
About Mobi724 Global Solutions Inc.
Every Transaction is An Opportunity
Mobi724 Global Solutions Inc. (TSXV: 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.
Investor Relations:
For further information, please visit www.MOBI724.com or contact:
Marcel Vienneau, CEO
Mobi724 Global Solutions Inc.
T: 514-394-5200 ir@mobi724.com
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/159668
