MOBI724 (TSX-V:MOS) Closes Private Placement of $500,000
May 23 2019 - 8:45AM
MOBI724 Global Solutions Inc. (“MOBI724” or the
“Company”) (TSX-V:MOS), a global Fintech company offering a fully
integrated suite of multiple Card-Linked Offers and Rewards
(“CLO&R”), Digital Marketing and Business Intelligence (“DMBI”)
and Payment Solutions (“Payment”) is pleased to announce that it
has successfully completed a non-brokered private placement (the
“Private Placement”) of 9,090,909 units (“Units”) of the Company at
of price of $0.055 per Unit for gross proceeds of $500,000. Each
Unit consists of one common share and one common share purchase
warrant (“Warrant”). Each Warrant entitles the holder to purchase
one common share at a price of $0.075 for a period of five years
from the date of issuance, subject to accelerated expiry.
Insiders and employees of the Company subscribed
for an aggregate of 2,181,818 Units for gross proceeds
of $120,000 under the Private Placement. The issuances of
Units to insiders pursuant to the Private Placement are considered
related party transactions within the meaning of TSX Venture
Exchange Policy 5.9 and Multilateral Instrument
61-101 Protection of Minority Security Holders in Special
Transactions ("MI 61-101"). The Company relied on exemptions
from the formal valuation and minority approval requirements in
sections 5.5(a) of MI 61-101 in respect of insider participation on
the basis that the related party transaction does not exceed 25% of
the Company's market capitalization. The participation by the
Related Parties in the Private Placement, as applicable, was
approved by directors of the Company who are independent in
connection with such transactions.
The offering was sold pursuant to exemptions
from prospectus requirements. The securities issued pursuant to the
Private Placement are subject to a statutory hold period of four
months and one day and completion of the Private Placement remains
subject to the final approval of the TSX Venture Exchange.
About Mobi724 Global Solutions
Inc.
“We enable smart transactions anywhere.”
MOBI724, a global Fintech company, offers a
fully integrated suite of multiple Card-Linked Offers and Rewards,
Digital Marketing and Business Intelligence and Payment Solutions
(including a mobile EMV compliant payment platform), which work
with any payment card, on any mobile device and at any Point of
Sale. MOBI724 provides turnkey 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 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.
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.
For further information, please visit www.MOBI724.com or
contact:
Investor Relations:
Marcel VienneauPresident/CEOMOBI724 Global Solutions Inc.T:
514-394-5200; E: ir@mobi724.com
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