April 10, 2013
/PRNewswire/ - Freeport Capital Inc. (the "Company") a leader on Mobile Credit and PIN Debit payment solutions, announces that on
, 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
per common share for aggregate gross proceeds of
. The Company also issued 3,347,952 common share purchase warrants at an exercise price of
September 28, 2014
October 5, 2014
respectively. The combined aggregate gross proceeds received to date from the first tranche (
, 2013), second tranche (
, 2013) and third final tranche (
, 2013) private placements amount to
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
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,
paid to Capital CCFL s.e.n.c. (
), an Exempt Market Dealer, a finder's fee in the amount of
. Capital CCFL s.e.n.c. also received 123,810 broker warrants at an exercise price of
expiring 5 years from issuance and 59,825 broker warrants at an exercise price of
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.