FINEQIA CLOSES FINAL TRANCHE OF
PRIVATE PLACEMENT FOR TOTAL $5.3 MLN
Vancouver, British Columbia –
December 15, 2022 -- InvestorsHub NewsWire -- Fineqia
International Inc. (the "Company" or "Fineqia") (CSE: FNQ) (OTC: FNQQF) (Frankfurt: FNQA) announces the closing
of its non-brokered private placement ("Offering") via its fourth
and final tranche. The Company issued 482,460,590 units (the
"Units") to raise gross
proceeds of $4,824,605.90 in total in the private placement, along
with a conversion of debt of $506,975 and payment of finder's fees
worth $19,177.20.
The Company had raised the ceiling of its private placement to $5
million from $4 million on Oct 12, 2022, to accommodate increased
investor interest. The Offering's proceeds will be used to
eliminate Company debt and improve the company's working
capital.
Subscribers to the Offering included the Wavemaker Genesis Master
Fund Ltd, a fund managed by Wave Financial LLC, as announced at the
time of the closing of the second tranche. Fineqia is a minority
shareholder in Wave Financial, LLC.
"We're more than happy to have surpassed our initial fundraising
objective and exceptionally pleased to have significant and
pertinent investors on board," said Fineqia CEO Bundeep Singh
Rangar. "Having the right people on our side helps pave the way for
growth
The fourth and final tranche comprised a total of $353,500
including gross proceeds of $68,500 and conversion of external debt
of C$285,000. The Company had announced the closing of its first
tranche on Aug. 4, 2022 for $345,000, the second tranche on Oct.
12, 2022 for $4,201,224, and the third tranche on Dec. 9, 2022 for
$431,856.90.
Subscribers to the Offering were paid in Units consisting of one
common share of the Company and one share purchase warrant (a
"Warrant") exercisable
for three years at a price of $0.05 per share. The Company may, at
its option, accelerate the expiry date of the Warrants, provided
that the closing price of the common shares is at or above $0.15
per share for any 20 consecutive trading day period at any time
after four months and one day after the issuance of the
Warrants.
All references to dollars ($) above are to Canadian dollars
(C$).
The issuance of certain of the Units to directors and officers of
the Company pursuant to the Offering will each be considered a
"related party transaction" as defined in Multilateral Instrument
61-101 - Protection of Minority
Security Holders in Special Transactions ("MI 61-101"). The Company will rely upon
exemptions from the valuation and minority shareholder approval
requirements of MI 61-101 contained in sections 5.5(a) and
5.7(1)(a), respectively, with respect to the issuance of the Units
to the directors and officers.
These securities have not been and will not be registered under the
United States Securities Act of 1933, as amended (the
"1933 Act"). Accordingly,
these securities may not be offered or sold in the United States or
to, or for the account or benefit of, a U.S. person or person in
the United States (as such terms are defined in regulations under
the 1933 Act), absent an exemption from the registration
requirements of the 1933 Act and applicable state laws. This press
release shall not constitute an offer to sell or the solicitation
of an offer to buy securities in the United States or in any
jurisdiction in which such offer, solicitation or sale would be
unlawful.
About Fineqia International
Inc.
Fineqia is a listed entity in Canada (CSE: FNQ), US (OTC: FNQQF)
and Europe (Frankfurt: FNQA). Fineqia's strategic focus has been to
provide a platform and associated services to support securities
issuances and manage administration of debt securities. Fineqia is
currently building out its alternative finance business and it
currently holds a growing portfolio of blockchain, fintech and
cryptocurrency technology companies worldwide.
For more information, visit www.fineqia.com
ON BEHALF OF THE FINEQIA
BOARD
Bundeep Singh Rangar
CEO and Director
FOR FURTHER INFORMATION, PLEASE
CONTACT:
Katarina Kupcikova, Analyst
E. katarina.kupcikova@fineqia.com
T. +44 7806 730 769
Bundeep Singh Rangar, CEO
E. bundeep.rangar@fineqia.com
T. +1 778 654 2324
FORWARD-LOOKING
STATEMENTS
Some statements in this release may contain forward-looking
information (as defined under applicable Canadian securities laws)
("forward-looking statements"). All statements, other than of
historical fact, that address activities, events or developments
that Fineqia (the "Company") believes, expects or anticipates will
or may occur in the future (including, without limitation,
statements regarding potential acquisitions and financings) are
forward-looking statements. Forward-looking statements are
generally identifiable by use of the words "may", "will", "should",
"continue", "expect", "anticipate", "estimate", "believe",
"intend", "plan" or "project" or the negative of these words or
other variations on these words or comparable terminology.
Forward-looking statements are subject to a number of risks and
uncertainties, many of which are beyond the Company's ability to
control or predict, that may cause the actual results of the
Company to differ materially from those discussed in the
forward-looking statements. Factors that could cause actual results
or events to differ materially from current expectations include,
among other things, without limitation, the failure to obtain
sufficient financing, and other risks disclosed in the Company's
public disclosure record on file with the relevant securities
regulatory authorities. Any forward-looking statement speaks only
as of the date on which it is made except as may be required by
applicable securities laws. The Company disclaims any intent or
obligation to update any forward-looking statement except to the
extent required by applicable securities laws.