Mobi724 Global Solutions Inc. Raises $930,000 From Early Exercise Warrant Incentive Program
April 17 2018 - 8:45AM
MOBI724 Global Solutions Inc. ("MOBI724" or the "Company")
(TSX-V:MOS) (OTCQB:MOBIF), a Fintech leader offering all in one
fully integrated EMV payment, Card-Linked Offers, Digital Marketing
and Business Intelligence Solutions announces that pursuant to the
early exercise warrant incentive program (the “Incentive Program”)
announced on March 19, 2018, eligible warrant holders (the
“Eligible Warrant Holders”) have exercised 6,200,000 eligible
warrants (“Eligible Warrants”) at a price equal to $0.15 for total
gross proceeds of $930,00.00. A director of the Company has
exercised 1,000,000 Eligible Warrants.
Marcel Vienneau, CEO of MOBI724, said, "We are
pleased that eligible warrant holders, including a Director of the
Company, have elected to exercise under the Incentive
Program, and add to their investment in the Company. We
appreciate their continued support and confidence. This Incentive
Program is a cost effective and prudent way for MOBI724 to add
close to $1 million to its treasury and provide flexibility given
our growing sales pipeline. ”
In accordance with the Incentive Program, the
Eligible Warrant Holders received 6,200,000 incentive warrants
(“Incentive Warrants”) exercisable at a price of $0.46 which shall
expire on April 13, 2019. The Incentive Warrants that were
issued are subject to a four months and one day hold period
in accordance with applicable securities regulations and are also
subject to a forced conversion by the Company if, at any time prior
to April 13, 2019, the common shares of the Company trade at a
price equal to, or greater than, $0.65 for at least ten (10)
consecutive trading days.
The participation in the Incentive Program by,
and issuance of the Incentive Warrants to, a director constitutes a
"related party transaction" as defined in Multilateral Instrument
61-101 - Protection of Minority Security Holders in Special
Transactions, which has been adopted by the TSX Venture Exchange
pursuant to its Policy 5.9 - Protection of Minority Security
Holders in Special Transactions. However, the Incentive Program and
the issuance of Incentive Warrants are exempt from the formal
valuation and minority shareholder approval requirements of such
instrument and policy, as the Company’s common shares are listed on
the TSX Venture Exchange and, in respect of the minority
shareholder approval requirement, neither the fair market value of
the additional Incentive Warrants, nor the consideration to be
received for the Incentive Warrants exceeds 25% of the Company’s
market capitalization.
About Mobi724 Global Solutions
Inc.“We enable smart transactions anywhere”
MOBI724, a global Fintech company, offers a
fully integrated suite of multiple Payment Card-linked, Digital
Marketing and Business Intelligence Solutions, which work with any
payment card, on any mobile device and at any Point of Sale; and a
mobile EMV compliant payment platform. MOBI724 provides turn-key
solutions for card associations, card issuers, banks, retailers,
manufacturers, offer providers, to create, manage, deliver and
track and measure incentive campaigns worldwide in real time. The
company captures value from big data to deliver seamless and
personalized user experiences for the benefits of all parties in
the ecosystem. MOBI724 headquarters are in Montreal, Canada, and
the company presently has operations in North and Latin America,
the Caribbean and Asia Pacific.
Legal Disclaimer
Certain statements in this document, including
those which express management’s expectations or estimations with
regard to the Company’s future performance, constitute
“forward-looking statements” as understood by applicable securities
laws. Forward-looking statements are, of necessity, based on a
certain number of estimates and hypotheses; while management
considers these to be accurate at the time they are expressed, they
are inherently subject to significant uncertainties and risks on
the commercial, economic and competitive levels. We advise readers
that these forward-looking statements are subject to risks,
uncertainties, and other known and unknown factors that may cause
the actual results, performance or achievements of the Company to
be materially different from any future results, performance or
achievements expressed or implied in these forward-looking
statements. Investors are advised to not rely unduly on the
forward-looking statements. This advisory applies to all
forward-looking statements, whether expressed orally or in writing,
attributed to the Company or to any individual expressing them in
the name of the Company. Unless required by law, the Company is
under no obligation to publicly update these forward-looking
statements, whether to reflect new information, future events, or
other circumstances. The TSX Venture Exchange (TSXV) has not
reviewed this news release and does not accept responsibility for
its adequacy or accuracy. This news release does not constitute a
solicitation to buy or sell any securities in the United
States.
For further information, please visit MOBI724.com or contact:
Investor Relations:Mr. Andreas CurkovicProconsul
Capital Ltd.T: 416-577-9927; E:
andreascurkovic@sympatico.ca
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