Unsecured debentures mature on June 30, 2018, will convert at C$0.35
By Devika Patel
Knoxville, Tenn., Sept. 2 – Mobi724 Global Solutions Inc. said it settled a C$1.5 million private placement of unsecured convertible debentures.
The 12% convertibles mature on June 30, 2018 and convert to common stock at C$0.35 per share, a 483.33% premium to the July 7 closing share price of C$0.06.
The investor and company also agreed to cancel an existing convertible debenture held by the investor and to roll over the C$1,205,566 of principal and interest into the new convertible debenture, lifting the total to C$2,705,566.
Proceeds will be used to support solution deployments and working capital requirements.
The Montreal company offers a suite of payment and digital marketing products.
| Issuer: | Mobi724 Global Solutions Inc.
|
| Issue: | Unsecured convertible debentures
|
| Amount: | C$1.5 million
|
| Maturity: | June 30, 2018
|
| Coupon: | 12%
|
| Conversion price: | C$0.35
|
| Warrants: | No
|
| Settlement date: | Sept. 2
|
| Stock symbol: | CSE: MOS
|
| Stock price: | C$0.06 at close Sept. 1
|
| Market capitalization: | C$6 million
|
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