$4,500,000 Funded at Closing
$3,000,000 Funded During Next 3 Months
Santa Monica, CA, Dec. 06, 2018 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- Gopher Protocol Inc. (OTCQB: GOPH) (“Gopher” or the “Company”), a company specializing in the creation of Internet of Things (IoT) and Artificial Intelligence enabled mobile technologies, including a global platform with both mobile and fixed solutions, announced today that it entered into a financing with an unaffiliated third-party institutional investor (the “Investor”), pursuant to which Gopher (i) issued to the Investor a Senior Secured Redeemable Convertible Debenture (the “Debenture”) in the aggregate face value of $8,340,000 and (ii) granted to the Investor a three-year Common Stock Purchase Warrant for the purchase of up to 22,500,000 shares of the Company’s common stock, in consideration of $7,500,000, of which Gopher received $4,500,000 as of the closing and is to receive three additional tranches of $1,000,000 on the first, second, and third monthly anniversaries of the closing.
The Company intends to use a portion of the proceeds to pay-off the outstanding convertible debentures held by Bellridge Capital, LP, which will eliminate the debt and the related derivative liability.
“We are excited about bringing in this significant funding and look forward to utilizing this funding to implement our visionary business plan,” stated Douglas Davis, Interim Chief Executive Officer.
The prospectus supplement relating to this offering was filed with the U.S. Securities and Exchange Commission (SEC) on December 6, 2018. Copies of such prospectus supplement and the accompanying base prospectus relating to the offering may be obtained from Gopher.
About Gopher Protocol Inc.
Gopher Protocol Inc. (OTCQB: GOPH) (“Gopher”) (http://gopherprotocol.com/) is a development-stage company which consider itself Native IoT creator, developing Internet of Things (IoT) and Artificial Intelligence enabled mobile technology. Gopher has a portfolio of Intellectual Property that when commercialized will include smart microchips, mobile application software and supporting cloud software. The system contemplates the creation of a global network. The core of the system will be its advanced microchip technology that can be installed in any mobile device worldwide. Gopher envisions this system as an internal, private network between all enabled mobile devices providing shared processing, advanced mobile database management/sharing and enhanced mobile features.
Corporate Site: http://gopherprotocol.com
Press page/ press kit: http://gopherprotocol.com/?page_id=228
Consumer and product website for Guardian Patch: http://www.guardianpatch.com/
Forward-Looking Statements
Certain statements contained in this press release may constitute “forward-looking statements.” Forward-looking statements provide current expectations of future events based on certain assumptions and include any statement that does not directly relate to any historical or current fact. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors as disclosed in our filings with the Securities and Exchange Commission located at their website (http://www.sec.gov). In addition to these factors, actual future performance, outcomes, and results may differ materially because of more general factors including (without limitation) general industry and market conditions and growth rates, economic conditions, governmental and public policy changes, the Company’s ability to raise capital on acceptable terms, if at all, the Company’s successful development of its products and the integration into its existing products and the commercial acceptance of the Company’s products. The forward-looking statements included in this press release represent the Company's views as of the date of this press release and these views could change. However, while the Company may elect to update these forward-looking statements at some point in the future, the Company specifically disclaims any obligation to do so. These forward-looking statements should not be relied upon as representing the Company’s views as of any date subsequent to the date of the press release.