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or Name

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Newnote Financial Corp
Symbol NEU
Shares Issued 19,684,000
Close 2015-01-05 C$ 0.16
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Newnote closes private placement for $657,550

2015-01-05 20:38 ET - News Release

Mr. Paul Dickson reports


Further to the press release of Dec. 17, 2014, Newnote Financial Corp. has closed a non-brokered private placement for gross proceeds of $657,550.05 wherein the company issued 4,383,688 units at a price of 15 cents per unit. Each unit is composed of one common share in the capital of the company and one common share purchase warrant, where each whole warrant entitles the holder to purchase one additional common share at an exercise price of 20 cents per warrant share until 4 p.m. on the first business day after the date that is one year from the closing date of the offering of the units, subject to accelerated expiry, where, if at any time after the closing date of the offering of the units, the closing sales price of the common shares (or the closing bid if no sales were reported on a trading date) as quoted on the Canadian Securities Exchange (or such other stock exchange, quotation system or market on which the common shares are listed and where a majority of the trading volume of the common shares occurs) is 30 cents or higher for a period of 10 consecutive trading days, then the company may, within five days of such event, provide notice by way of a press release to the holder of the warrants of the early expiry of the warrants, and thereafter the warrants shall expire on the date that is 30 days from the date that such notice is given. The company paid finders' fees in connection with the issuance of some of the units equivalent to up to 10 per cent, payable in cash and up to 8 per cent in finder warrants exercisable to purchase one additional common share at a price of 20 cents per share for 24 months.

The proceeds of the private placement will be used for general working capital, debt and possible acquisitions. The securities issued under the private placement will be subject to a hold period of four months and one day.

Chief executive officer and president of Newnote, Paul Dickson, reported: "I am very pleased with the overwhelming interest we have had from investors in Newnote's private placement, which was significantly oversubscribed. With over $650,000 in additional capital, the company is now well positioned as one of the better-funded companies in the crypto-currency sector. This capital will allow Newnote, which is still one of the few publicly traded cryptocurrency companies, to finance its current growth initiatives and facilitate attractive acquisitions."

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