SOURCE: First Global Data Limited

First Global Data Limited

December 15, 2015 14:38 ET

First Global Data Limited Enters Into Debt Conversion Agreements

TORONTO, ON--(Marketwired - December 15, 2015) - First Global Data Limited ("First Global" or the "Corporation") (TSX VENTURE: FGD) would like to announce that it has negotiated various debt conversion agreements (collectively, the "Debt Agreements") with four (4) creditors (collectively, the "Creditors") that are arm's length parties to the Corporation.

Pursuant to the terms of the Debt Agreements, First Global has agreed to issue the following securities:

(i) an aggregate of 16,285,222 common shares (the "Debt Shares") to three (3) of the Creditor in exchange for the cancellation of an aggregate of $814,250 in debt owning to the Creditors. The Debt Shares are being issued at a deemed price of $0.05 per common share; and

(ii) an aggregate of 85,000 units (the "Debt Units") to one (1) of the Creditors in exchange for the cancellation of an aggregate of $12,000 in debt owning to the Creditor. The Debt Units are being issued at a deemed price of $0.12 per unit and each unit is comprised of one (1) common share and one (1) common share purchase warrant ("Debt Warrant"). Each Debt Warrant entitles the holder thereof to acquire one (1) common share of the Corporation at an exercise price of $0.25 per share at any time for a period of two (2) years from date of issuance.

The issuance of the Debt Shares and Debt Warrants are subject to the approval of the TSX Venture Exchange.

About First Global

First Global Data Limited (TSX VENTURE: FGD), 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
    Chairman
    First Global
    Telephone: 416.504.3813
    Facsimile: 416.504.7092
    Email: Email contact