MONTREAL, April 7, 2014 /CNW Telbec/ - Hybrid PayTech (CSE: HPT) (OTC -FPOTF) Hybrid Paytech World Inc, (the "Company" or "Hybrid"), is pleased to announce that the board of directors of the Company has authorized to seek financing by way of issuance of non-brokered unsecured convertible debentures ("Convertible Debentures") for maximum proceeds of $4,000,000.00. The Company expects to use the net proceeds to support project deployments of the Company's solution and for working capital requirements.
The Convertible Debentures will mature on September 30, 2016 (the "Maturity Date") and will accrue interest at a rate of 10% per annum. The Convertible Debentures shall be convertible at the option of the holder or the Company into common shares of the Company (the "Shares") on or prior to the Maturity Date. The conversion price will be $1.00 per common share and will contain a ratchet provision discounting the conversion price by up to 25% of the Common Share issuance price or of conversion price of convertible debentures for any new future financings,. For each common share issued pursuant to the conversion, the holder shall be entitled to ¾ common share purchase warrants at an exercise price of $1.45 expiring twenty-four (24) months from their issuance. The Convertible Debentures will be sold pursuant to exemptions from prospectus requirements to purchasers in Canada. The Convertible Debentures and the common share purchase warrants will not be listed on the CSE, however the Common Shares issuable upon conversion will be listed and will be subject to a four month hold period from the date of closing.
Hybrid PayTech World Inc.
Hybrid PayTech World Inc. (CSE: HPT) (OTC: FPOTF) develops an Enterprise Ready Mobile Payment Platform for the leading OS's (IOS, Android, BB and Windows 7). The Corporation's holding, First Equity Strategy LLC, markets itself with the DBA: Hybrid PayTech. Visit www.hybridpaytech.com and click on our corporate video presentation http://www.youtube.com/watch?v=XvZHrck2eag&feature=youtu.beHybrid PayTech based in Montreal, Canada, is a technology leader in the mobile payment space for credit and debit acceptance. With a global footprint, Hybrid is an enabler of easily-deployable payment systems focusing on authentication, approved security and quick merchant adoption in Fleet, Delivery, Logistics and Retail. For more information on Hybrid PayTech, please visit www.hybridpaytech.com or www.hybridpos.com Certain statements in this document, including those which express management's expectations or estimations with regard to the Company's future performance, constitute "forward-looking statements" as understood by applicable securities laws. Forward-looking statements are, of necessity, based on a certain number of estimates and hypotheses; while management considers these to be accurate at the time they are expressed, they are inherently subject to significant uncertainties and risks on the commercial, economic and competitive levels. We advise readers that these forward-looking statements are subject to risks, uncertainties, and other known and unknown factors that may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied in these forward-looking statements. Investors are advised to not rely unduly on the forward-looking statements. This advisory applies to all forward-looking statements, whether expressed orally or in writing, attributed to the Company or to any individual expressing them in the name of the Company. Unless required by law, the Company is under no obligation to publicly update these forward-looking statements, whether to reflect new information, future events, or other circumstances. The Canadian Securities Exchange (CSE) has not reviewed this news release and does not accept responsibility for its adequacy or accuracy. This news release does not constitute a solicitation to buy or sell any securities in the United States. SOURCE Hybrid PayTech World Inc.