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April 10, 2013 /PRNewswire/ - Freeport Capital Inc. (the "Company") a leader on Mobile Credit and PIN Debit payment solutions, announces that on
March 28th and
April 5th, 2013, it has successfully closed the second and third tranche of the private placement previously announced on
March 5, 2013 and re-announced on
March 27, 2013. The final tranche completes the private placements. Pursuant to the aforesaid private placements, 4,463,936 common shares of the Company were issued at an issue price of
$ 0.90 per common share for aggregate gross proceeds of
$4,017,542.40. The Company also issued 3,347,952 common share purchase warrants at an exercise price of
$1.25 each expiring
September 28, 2014 and
October 5, 2014 respectively. The combined aggregate gross proceeds received to date from the first tranche (
March 11th, 2013), second tranche (
March 28th, 2013) and third final tranche (
April 5th, 2013) private placements amount to
$4,869,044.60 for a total issuance of 5,410,050 common shares and 4,057,538 common share purchase warrants. 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. As a result of the foregoing private placement, the Company now has a total of 33,639,093 common shares issued and outstanding.
In connection with the second and third tranche 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
$111,429.64. Capital CCFL s.e.n.c. also received 123,810 broker warrants at an exercise price of
$1.25 expiring 5 years from issuance and 59,825 broker warrants at an exercise price of
$1.25 expiring 18 months from issuance.
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.