MOBI724 Global Solutions (CSE:MOS) Closes $ 750,000 Private Placements
– Momentum Public Relations –
Press Release: October 7, 2016
MOBI724 Global Solutions Inc. (“MOBI724” or the “Company”) (CSE:MOS)(CSE:MOS.CN), a Fintech leader offering all in one fully integrated EMV payment, card link couponing and digital marketing is pleased to announce that on October 5, 2016, it has successfully closed a first tranche equity private placement in the aggregate amount of $250,000.00 dollars by issuing 5,000,000 common shares (“Shares”) at $0.05. The private placement included a conversion of bona fide debt in the amount of $25,344.51. For each common share received, the subscribers were issued one common share purchase warrant at an exercise price of $0.15 exercisable on or before August 31st, 2018 after which they shall expire.
The Company has also closed a secured convertible debenture (“Convertible Debenture”) private placement in the amount of $500,000.00. The Convertible Debenture will (i) mature on March 30, 2018 (the “Maturity Date”), (ii) bear interest at a rate of 8 % per annum, (iii) be convertible at the option of the holder into common shares of the Company (the “Shares”) on or prior to the expiry of the Term at a price of $0.15 (the “Conversion Price”) and (iv) be secured by the receivables of the Company limited to 20% of the gross revenues. Payments shall be effected every 6 months and shall be limited to 10% of the gross revenues collected and the holder shall have the option to be paid in cash or convert into Shares at the Conversion Price. The Company has the option to redeem the Convertible Debentures at any time prior to the expiry of the Term without penalty. Due to pari passu provisions in an existing and outstanding debenture recently issued to an institutional investor, the Company is also granting the same security in favour of the existing debenture holder.
The Shares and Convertible Debenture were sold pursuant to exemptions from prospectus requirements to purchasers in Canada and are subject to a hold period of four months and one day following the closing of the private placement. The Shares are listed on the Canadian Securities Exchange (CSE). The Company will use the net proceeds to support project deployments of the Company’s solution, for ongoing obligations and for working capital requirements. Since August 31, 2016, the Company has raised $ 2.25 million dollars and is currently working on closing another tranche of funding this month as previously announced.
The Company also announces that it recently ended its relationship with its current CFO-COO and that Mr. Michel David Pereira CPA CA will continue to execute the quarterly consolidated financials with internal accounting staff. The CEO, Marcel Vienneau stated that “we are currently concentrating our efforts in soliciting new team members.”
About Mobi724 Global Solutions
MOBI724 Global Solutions Inc. (CSE:MOS)(CSE:MOS.CN), a leader in the Fintech industry based in Montreal (Canada), offers a unique and fully integrated suite of Payment & Digital Marketing solutions.
We are innovating in our market with a combined EMV Payment, Card Linked Offers, and Digital Marketing platform that works on any card and any mobile device. We pioneered in adding intelligence to all types of transactions benefiting banks, retailers and cardholders. We succeed in leveraging all available user and purchasing data to increase transaction volumes and spend.
MOBI724 provides a turnkey solution to its clients to capture card transactions on any mobile device, at any point of sale or from any payment card. Our easy-to-adapt gateway Switch is designed for easy integration with all payment protocols in our target markets.
Within the same solution suite we combined our Card Linked Offers solution, and provided financial institutions´ payment card portfolios and retailers the ability to add offers and/or coupons which can be redeemed directly at the Point of Sale, in a seamless user experience for all the parties in the eco-system.
MOBI724 Global Solutions unleashes the true potential of both payment and card-linked couponing/rewards transactions for both online and offline points of sale (POS).
The Corporation provides its customers with full and comprehensive traceability and enriched consumer data through its offering. Its solutions enables card associations, retailers, manufacturers, offer providers, mobile operators and card issuers to create, manage, deliver and “track and measure” incentive campaigns worldwide to ANY mobile device and allow its redemption at ANY point of sales.
Our credit and debit EMV payment solutions will allow banks to process end to end EMV transactions, focusing on authentication, approved security and quick merchant adoption which allows the users to process payments with a wide range of devices over a secure and seamless transaction.
MOBI724’s PCI and EMV cloud-based switch, with their device agnostic connectivity, simplifies deployment and integration, and introduces new payment and digital incentives solutions to the market enabling multi layered intelligent transactions therefore SMART TRANSACTIONS.
For more information on its products and on MOBI724 Global Solutions, visit www.mobi724globalsolutions.com.