MONTREAL, QUEBEC--(Marketwired - Sept. 2, 2016) - MOBI724 Global Solutions Inc. ("MOBI724" or the "Company") (CSE:MOS), a Fintech leader offering all in one fully integrated EMV payment, card link couponing and digital marketing is pleased to announce the closing of an unsecured convertible debentures (Convertible Debentures) with a large institutional investor for proceeds of $1,500,000. The Convertible Debentures will mature on June 30, 2018 (Maturity Date) and will accrue interest at a rate of 12% per annum. The Convertible Debentures shall be convertible at a price of $0.35 per common share. The Board has also agreed with the institutional investor to cancel an existing Convertible Debenture and to roll over the capital and interest in the amount of $1,205,566.03 into a new convertible debenture to be added to the new proceeds of $1,500,000 for an aggregate total of $2,705,566.03. The Convertible Debenture is sold pursuant to exemptions from prospectus requirements to purchasers in Canada and will not be listed on the Canadian Securities Exchange (CSE). The common shares issuable upon conversion will be listed on the CSE and will be subject to a four month hold period from the date of closing.
The proceeds received will be utilized to support solution deployments as well as supporting the Company's working capital requirements.
Conversion of debt and warrants issuance
The Company has also converted $64,442.10 of debt by issuing 979,779 common shares at prices varying between $0.06 and $0.1125. The Company has also issued 1,554,545 common share purchase warrants at a cost of $155.45 with an exercise price of $0.824 expiring on December 31, 2016.
As previously announced in a press release issued on October 29, 2015, the Company has issued to the shareholders of Mobi724 Solutions Inc. (a wholly owned subsidiary of Mobi) 3,720,000 common shares representing anti-dilution shares with respect to the acquisition of Mobi724 Solutions Inc.).
Conversion of debentures
The Company has also converted debentures in the amount of $324,991.00 including interest by issuing 5,331,430 common shares to the debenture holders at a conversion price of $0.061 as well as 5,331,430 common share purchase warrants exercisable at a price of $0.0825 and expiring on December 31, 2016
About Mobi724 Global Solutions
MOBI724 Global Solutions Inc. (CSE:MOS), a leader in the Fintech industry based in Montreal (Canada), offers a unique and fully integrated suite of Payment & Digital Marketing solutions.
We are innovating in our market with a combined EMV Payment, Card Linked Offers, and Digital Marketing platform that works on any card and any mobile device. We pioneered in adding intelligence to all types of transactions benefiting banks, retailers and cardholders. We succeed in leveraging all available user and purchasing data to increase transaction volumes and spend.
MOBI724 provides a turnkey solution to its clients to capture card transactions on any mobile device, at any point of sale or from any payment card. Our easy-to-adapt gateway Switch is designed for easy integration with all payment protocols in our target markets.
Within the same solution suite we combined our Card Linked Offers solution, and provided financial institutions´ payment card portfolios and retailers the ability to add offers and/or coupons which can be redeemed directly at the Point of Sale, in a seamless user experience for all the parties in the eco-system.
MOBI724 Global Solutions unleashes the true potential of both payment and card-linked couponing/rewards transactions for both online and offline points of sale (POS).
The Corporation provides its customers with full and comprehensive traceability and enriched consumer data through its offering. Its solutions enables card associations, retailers, manufacturers, offer providers, mobile operators and card issuers to create, manage, deliver and "track and measure" incentive campaigns worldwide to ANY mobile device and allow its redemption at ANY point of sales.
Our credit and debit EMV payment solutions will allow banks to process end to end EMV transactions, focusing on authentication, approved security and quick merchant adoption which allows the users to process payments with a wide range of devices over a secure and seamless transaction.
MOBI724's PCI and EMV cloud-based switch, with their device agnostic connectivity, simplifies deployment and integration, and introduces new payment and digital incentives solutions to the market enabling multi layered intelligent transactions therefore SMART TRANSACTIONS.
For more information on its products and on MOBI724 Global Solutions, visit www.mobi724globalsolutions.com.
Certain statements in this document, including those which express management's 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.
The Canadian Securities Exchange (CSE) has not reviewed this news release and does not accept responsibility for its adequacy or accuracy. This news release does not constitute a solicitation to buy or sell any securities in the United States.