MONTREAL, March 15, 2013 /PRNewswire/ - Freeport Capital Inc. (the "Company") a leader on Mobile Credit and PIN Debit payment solutions, announces that on March 11 th 2013, it has successfully closed a first tranche of the private placement previously announced on March 5, 2013. Pursuant to the first tranche private placement, 946,114 common shares of the Company were issued at an issue price of $ 0.90 per common share for aggregate gross proceeds of $851,502.20. The Company also issued 709,586 warrants at an exercise price of $1.25 each expiring September 11, 2014.
The net proceeds from the private placement will be used to fund the expansion of the business in the Asia Pacific regions and Latin America as well as for working capital purposes. The units were sold to "accredited investors" and close business associates in the Province of Québec on a prospectus-exempt basis. All of the securities issued pursuant to the Offering are subject to a four (4) month hold period. As a result of the foregoing transactions, the Company now has a total of 29,175,157 common shares issued and outstanding.
In connection with the private placement, Freeport paid to Capital CCFL s.e.n.c. ( www.ccflcapital.com), an Exempt Market Dealer, a finder's fee in the amount of $29,005.08. Capital CCFL s.e.n.c. also received 32,228 broker warrants at an exercise price of $0.90 expiring on March 10 th 2018 and 24,171 broker warrants at an exercise price of $1.25 expiring September 11, 2014.
About Freeport Capital Inc.Freeport Capital Inc. (CNSX: FAS) develops an Enterprise Ready Mobile Payment Platform for the leading OS's (IOS, Android, BB and Windows 7). The Corporations holding First Equity Strategy LLC markets itself with the DBA: HybridPay Tech.