TORONTO, July 21, 2015 /CNW/ - SelectCore Ltd.
("SelectCore" or the "Company") (TSX-V: SCG) announces the
closing of a private placement (the "Private Placement"). Common
shares were issued ("Issued Common Shares") at a price of
$0.05 per share. In addition, each
Issued Common Share provides the applicable investor with one (1)
warrant ("Warrant") exercisable into one (1) common share expiring
in 24 months which, if exercised, will result in proceeds per
Warrant to the Company of $0.08.
Private Placement
The Private Placement was for 11,300,000 Issued Common Shares at
a price of $0.05 per share for gross
proceeds of $565,000. In addition,
each Issued Common Share will provide the applicable investor with
one (1) Warrant exercisable into one (1) common share expiring in
24 months which, if exercised, will lead to proceeds per Warrant of
$0.08. The Issued Common Shares and
Warrants are subject to a hold period expiring on November 18, 2015.
Proceeds of the Private Placement will be used to retire debt of
the Company, as well as to strengthen the balance sheet to better
pursue strategic alliances and opportunities.
About SelectCore
Established in 1999, SelectCore is a leading prepaid financial
services provider and transaction processor for under-banked and
underserved markets. From prepaid mobile top-up to stored-value
cards and remittance solutions, SelectCore services a market of
millions of under-banked consumers through its technology platforms
and extensive retail distribution network. SelectCore is a
publicly traded company listed on the TSX Venture Exchange under
the symbol "SCG" (TSXV: SCG). SelectCore was ranked by
Profit100 as one of Canada's
fastest-growing companies in 2006, 2007, 2009 and 2010.
SelectCore was also ranked one of North
America's fastest growing companies on Deloitte's 2011
Technology Fast 500.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of
this release.
Certain information in this news release contains
forward-looking statements. These forward-looking statements are
subject to numerous risks and uncertainties, certain of which are
beyond SelectCore's control including, without limitation, the
impact of general economic conditions, industry conditions,
fluctuation of exchange rates, industry competition, availability
of qualified personnel and management, stock market volatility and
timely and cost effective access to sufficient capital from
internal and external sources. As a consequence, actual results may
differ materially from those anticipated in the forward-looking
statements. Readers are cautioned that the forgoing list of factors
is not exhaustive. Additional information on these and other
factors that could affect SelectCore's operations and financial
results are included in reports on file with Canadian securities
regulatory authorities and may be accessed through the SEDAR
website (www.sedar.com). Furthermore, the forward-looking
statements contained in this news release are made as at the date
of this news release and SelectCore does not undertake any
obligation to update publicly or to revise any of the
forward-looking statements, whether as a result of new information,
future events or otherwise, except as may be required by applicable
securities laws.
SOURCE SelectCore Ltd.