Business News • MarketWire • Mobi724 Global Solutions Inc. (CSE: MOS) Announces the Closing of First Tranche Bridge Financing |
Mobi724 Global Solutions Inc. (CSE: MOS) Announces the Closing of First Tranche Bridge Financing |
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Mobi724 Global Solutions Inc. (CSE: MOS) Announces the Closing of First Tranche Bridge Financing
MONTREAL, QUEBEC--(Marketwired - Nov. 25, 2015) - Mobi724 Global Solutions Inc. ("Mobi724" or the "Company") (CSE:MOS), a technology leader in the digital incentives, couponing and payment space, announces that its board of directors has authorized the terms of a bridge financing according to which the Company would issue secured convertible debentures ("SCD") or proceeds of up to $750,000.00 ("Bridge Financing"). The SCD mature on June 30th, 2016 ("Maturity Date") and will accrue interest at a rate of 18% per annum. The SCD shall be convertible at the option of the Company upon completion of the $3,000,000.00 financing announced in June 2015 at a price of $0.0825 per share and shall count towards said financing. As of this date, $850,000.00 or the $3,000,000.00 has been raised. The holder shall be entitled to receive one (1) common share purchase warrant for every common share received pursuant to conversion and shall expire on December 31, 2016. The SCD are secured by first ranking hypothec on the assets of the Company. The Convertible Debentures will be sold pursuant to exemptions from prospectus requirements to purchasers in Canada and will not be listed on the Canadian Securities Exchange (CSE). The common shares issuable upon conversion will be listed on the CSE and will be subject to a four month hold period from the date of closing.
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