SOURCE: First Global Data Limited

First Global Data Limited

July 09, 2015 14:04 ET

First Global Data Extends Private Placement

TORONTO, ON--(Marketwired - July 09, 2015) - First Global Data Limited ("First Global" or the "Company") (TSX VENTURE: FGD) would like to announce that, further to its press release dated May 7, 2015, the closing of the proposed private placement of units has been extended to July 31, 2015.

First Global intends to raise gross proceeds of up to $8 million through a non-brokered private placement of up to 66,666,667 million units (the "Units") of the Company at a price of $0.12 per Unit. Each Unit will consist of one (1) common share and one (1) common share purchase warrant ("Warrant"). Each Warrant will entitle the holder to purchase one common share at a price of $0.25 for a period of two (2) years from date of issuance. A finder's fee may be paid by the Company in connection with the private placement.

The securities being issued in the private placement will be subject to a four-month hold period in accordance with applicable Canadian securities laws. First Global intends to use the net proceeds for general working capital.

In addition, further to its press release of May 7, 2015, the Company has entered into debt conversion agreements (the "Debt Agreements") with the holders of the $570,000 of Series "E" 10% Convertible Debenture (the "Debentures"). The Debentures bear interest at 10% per annum, such interest to be payable on a semiannual basis. The Debentures have a maturity date of April 8, 2018. An aggregate of 760,000 warrants (the "Debenture Warrants") were issued in conjunction with the issuance of the Debentures. Each Debenture Warrant entitles the holder thereof to acquire one (1) common share in the capital of the Company at an exercise price of $0.20 at any time until October 8, 2016.

Pursuant to the terms of the Debt Agreements, the holders of the Debentures have agreed to cancel the Debentures and the Debenture Warrants in exchange for the issuance of an aggregate of 4,750,000 units (the "Debt Units") of the Company at a deemed price of $0.12 per Debt Unit. Each Debt Unit will consist of one (1) common share and one (1) common share purchase warrant ("Debt Warrant"). Each Debt Warrant will entitle the holder to purchase one common share at a price of $0.25 for a period of two (2) years from date of issuance.

The issuance of the Debt Units is subject to the approval of the TSX Venture Exchange.

About First Global

First Global Data Limited is an international financial services technology company operating in the payments sector. First Global's services are designed primarily for the domestic and international unbanked and under banked markets. Our two main lines of business are mobile payments and international money transfers. First Global's leading edge technology core enables Mobile and Online: Payments, Money Transfers, Shopping and Peer to Peer services.

First Global enables our strategic partners and clients around the world with our leading edge financial services technology platform. We facilitate the movement of money domestically and internationally in full compliance with regulatory guidelines, maintain a strong focus on compliance and hold licenses to operate as a Money Service Business in 22 US States and elsewhere around the world, with a reach that extends to approximately 97 countries worldwide.

First Global's objective is to become a global leader in ubiquitous mobile money payment and money transfer services.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

This press release contains forward-looking statements based on assumptions, uncertainties and management's best estimates of future events. Actual results may differ materially from those currently anticipated. Investors are cautioned that such forward-looking statements involve risks and uncertainties. Important factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements are detailed from time to time in the Corporation's periodic reports filed with the Ontario Securities Commission and other regulatory authorities. The Corporation has no intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

Contact Information

  • For further information, please contact:

    Andre Itwaru
    Chief Executive Officer and President
    Telephone: 416.504.3813
    Facsimile: 416.504.7092