SOURCE: First Global Data Limited

First Global Data Limited

January 21, 2016 09:30 ET

First Global Enters Into Debt Conversion Agreements and Assignment of Debt

TORONTO, ON--(Marketwired - January 21, 2016) - First Global Data Limited ("First Global" or the "Corporation") (TSX VENTURE: FGD) would like to announce that it has agreed to convert two (2) loans, in aggregate amount of $992,383.56 into a convertible debenture (the "Debt Debenture"). The Debt Debenture will bear interest at a rate of 10% per annum, such interest to be paid on a yearly basis. The term of the Debt Debenture will be 36 months from the date of issuance and will be convertible, at the option of the holder, at a price of $0.05 per share at any time.

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

In addition, the Corporation will like to announce that it has assigned an aggregate of $3,430,348.51 (the "Loans") of loans to an arm's length party. As a result of the assignment, the Corporation will no longer be responsible for the repayment of the Loans.

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: ir@firstglobaldata.com