MONTREAL, QUEBEC — (Marketwired) — 11/25/15 — Mobi724 Global Solutions Inc. (“Mobi724” or the “Company”) (CSE: MOS), a technology leader in the digital incentives, couponing and payment space, announces that its board of directors has authorized the terms of a bridge financing according to which the Company would issue secured convertible debentures (“SCD”) or proceeds of up to $750,000.00 (“Bridge Financing”). The SCD mature on June 30th, 2016 (“Maturity Date”) and will accrue interest at a rate of 18% per annum. The SCD shall be convertible at the option of the Company upon completion of the $3,000,000.00 financing announced in June 2015 at a price of $0.0825 per share and shall count towards said financing. As of this date, $850,000.00 or the $3,000,000.00 has been raised. The holder shall be entitled to receive one (1) common share purchase warrant for every common share received pursuant to conversion and shall expire on December 31, 2016. The SCD are secured by first ranking hypothec on the assets of the Company. The Convertible Debentures will be 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.
In addition, the Company is pleased to announce that it has completed the first tranche of the Bridge Financing in the amount of $260,704.00. The proceeds received will be utilized to support solution the Company–s working capital requirements.
The Company further announces that it has converted bona fide debt to a creditor (the “Interested Party”) totalling $22,340 into common shares of the Company (the “Debt to Equity Transaction”) at a conversion price of $0.11 per share. As a result of this Debt to Equity Transaction the Company issued 203,091 common shares to the Interested Party.
The issuance of the SCD and common shares pursuant to the debt conversion involve certain related parties and constitutes a related party transaction. The Company is relying on the exemptions provided by Regulation 61-101 Respecting Protection of Minority Security Holders in Special Transactions, the board of directors having acted in good faith with respect to the determination of fair market value of the transaction concerning the exemption threshold.
About Mobi724 Global Solutions
Mobi724 Global Solutions (CSE: MOS), formerly Hybrid PayTech World Inc. (CSE: HPT), a corporation based in Montreal, Canada, is a technology leader in digital incentives (such as mobile couponing & loyalty rewards) and payment solutions (including mobile payment).
Mobi724 Global Solutions unleashes the true potential of both payment and couponing/rewards transactions for both online and offline points of sale.
The company is fully dedicated to deliver unique “real time” and seamless digital promotional incentives (coupons, bank cards, loyalty rewards) embedded into the most secured payment environment. The company provides to its customers full and comprehensive traceability and enriched consumer data through its offering. Its solutions enable retailers, manufacturers, offer providers, mobile operators and card issuers to create, manage, deliver and “track & measure” incentive campaigns worldwide to ANY mobile device and allow its redemption at ANY point of sales.
Our credit and debit payment solutions, focusing on authentication, approved security and quick merchant adoption allows our users to process payments with a wide range of devices over a secure and seamless transaction.
Our PCI and EMV cloud-based switch, with our device agnostic connectivity, simplifies deployment, integration and introduces new payment and digital incentives solutions to the market.
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.
Contacts:
For more information on its products
and on Mobi724 Global Solutions:
Mr. Marcel Vienneau
1-514-394-5200 Ext 413
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