Deal sells units of a share, a half-share warrant at $1.00 per unit
By Tali Rackner
Norfolk, Va., Sept. 1 – Mobetize Corp. raised $747,000 in a private placement of units on Sept. 1, according to a press release.
The company sold units of one common share and one half-share warrant.
Each whole warrant is exercisable at $1.00 for three years. The strike price is a 69.49% premium to the Aug. 31 closing share price of $0.59.
Proceeds will provide Mobetize with greater financial flexibility and additional capital to support any potential increase in business demand. As part of the financing, the company’s co-founders converted $225,000 of unsecured loans into equity.
Based in Blaine, Wash., Mobetize offers mobile commerce, mobile payments and banking services for alternative financial companies, telecom operators, merchants and banks. The company has mobile and online products for remittance, airtime recharge, payments and billing.
| Issuer: | Mobetize Corp.
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| Issue: | Units of one common share and one half-share warrant
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| Amount: | $747,000
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| Warrants: | One half-share warrant per unit
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| Warrant expiration: | Three years
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| Warrant strike price: | $1.00
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| Settlement dates: | Sept. 1
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| Stock symbol: | OTCBB: MPAY
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| Stock price: | $0.59 at close Aug. 31
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| Market capitalization: | $17.9 million
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