MONTREAL, May 23, 2019 (GLOBE NEWSWIRE) -- 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 Vienneau
President/CEO
MOBI724 Global Solutions Inc.
T: 514-394-5200; E: ir@mobi724.com