12:29:27 EDT Thu 28 Mar 2024
Enter Symbol
or Name
USA
CA



Mobi724 Global Solutions Inc
Symbol MOS
Shares Issued 143,455,416
Close 2017-04-04 C$ 0.395
Market Cap C$ 56,664,889
Recent Sedar Documents

Mobi724 arranges $5-million bought deal offering

2017-04-04 16:11 ET - News Release

Mr. Marcel Vienneau reports

MOBI724 GLOBAL SOLUTIONS INC. ANNOUNCES BOUGHT DEAL FINANCING

Mobi724 Global Solutions Inc. has entered into an agreement with GMP Securities LP for a bought deal private placement offering of special warrants of the company at a price per special warrant of 35 cents for aggregate gross proceeds of approximately $5-million.

Each special warrant will entitle the holder thereof to receive, and without payment of additional consideration, one unit of the company consisting of one common share and one-half of one common share purchase warrant. Each whole warrant, subject to customary adjustments, shall be exercisable into one common share at an exercise price of 46 cents per warrant share for a period of two years from the date of issue. If the volume-weighted average price of the common shares on the Canadian Securities Exchange is equal to or greater than 65 cents for a period of 10 consecutive trading days, then the company may at any time thereafter accelerate the expiry date of the warrants to the date that is 30 days following the date on which the company issues notice to all the warrantholders of the new expiry date. The company will also issue a press release on the same date as it issues notice confirming the new expiry date of the warrants.

The company has agreed to use its reasonable commercial best efforts to obtain a receipt for a final short-form prospectus qualifying the distribution of the units upon exercise of the special warrants on or before the date that is 90 days following closing of the offering. If the prospectus qualification does not occur before the qualification condition, each holder shall be entitled to receive, without payment of additional consideration, 1.05 units per special warrant. Unless the qualification condition occurs, securities issued in connection with the offering will be subject to a four-month hold period from the date of issue.

The closing of the offering is subject to the completion of formal documentation, including, but not limited to, the execution of an underwriting agreement with the underwriter in connection with the offering and receipt of any required regulatory approvals, including approval of the CSE. All securities issued pursuant to the offering will be subject to a statutory hold period expiring four months and one day after closing of the offering. Closing of the offering is expected to occur on or about April 18, 2017, or such other date as the underwriter and the company may agree.

The company intends to apply to have its common shares listed on the TSX Venture Exchange. There can be no assurance that such a listing would occur.

Mobi724 intends to use the net proceeds of the offering for general corporate purposes.

About Mobi724 Global Solutions Inc.

Mobi724, a leader in the fintech industry based in Montreal (Canada), offers a unique and fully integrated suite of payment and digital marketing solutions with a combined EMV payment, card-linked offer and digital marketing platform that works on any card and any mobile device. Mobi724's solutions add value to all types of transactions benefiting banks, retailers and cardholders by leveraging 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. Mobi724 provides its customers with full and comprehensive traceability and enriched consumer data through its offering.

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