New Issue: Finotec wraps $1 million private placement of shares

By Devika Patel

Knoxville, Tenn., June 19 - Finotec Group, Inc. completed a $1 million private placement of stock on June 17, according to an 8-K filed Thursday with the Securities and Exchange Commission.

The company sold 4,347,824 common shares at $0.23 per share.

Investors also received warrants for 10 million common shares, exercisable at $0.50.

Finotec is based in New York and operates an internet-based brokerage firm focused on the foreign-currency market.

Issuer:	Finotec Group, Inc.
Issue:	Common stock
Amount:	$999,999.52
Shares:	4,347,824
Price:	$0.23
Warrants:	For 10 million shares
Warrant strike price:	$0.50
Settlement date:	June 17
Stock symbol:	OTCBB: FTGI
Stock price:	$0.40 at close June 17

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