MOBI724 Global Solutions Inc., (CSE: MOS), a Candian fintech startup that offers an all-in-one fully integrated EMV payment, card link couponing, and digital marketing system, announced on Tuesday it closed a third tranche equity private placement in the aggregate amount of $167,500 by issuing 3,350,000 common shares at $0.05. For each common share received, the subscribers were issued one common share purchase warrant at an exercise price of $0.15 exercisable on or before August 31st.
According to the company, for each common share received, the subscribers were issued one common share purchase warrant at an exercise price of $0.15 exercisable on or before August 31st, 2018 after which they shall expire. All the shares were sold under exemptions from prospectus requirements to purchasers in Canada and are subject to a hold period of four months and one day following the closing of the private placement. Each of the shares is also listed on the Canadian Securities Exchange (CSE).
MOBI724 stated it plans to use the new funds to support project deployments of its solution, for ongoing obligations and working capital requirements. Since August 31st, the company has secured over $ 2.6 million.