Mr. Andre Itwaru reports
FIRST GLOBAL ANNOUNCES NEW PRIVATE PLACEMENT AND PROVIDES CORPORATE UPDATE
First Global Data Ltd. has filed a price protection toward a new private placement offering.
The company is pleased to announce a non-brokered private placement offering of up to 14,285,714 units of the company at a price of 70 cents per unit for aggregate gross proceeds of up to $10-million. Each unit comprises one common share in the capital of the company and one common share purchase warrant. Each warrant entitles the holder thereof to purchase one common share at an exercise price of 90 cents per share for a period of three years from the closing date.
In the event that, during the period following 12 months from the closing date, the volume-weighted average trading price of the common shares on the TSX Venture Exchange exceeds $1.80 per common share for any period of 20 consecutive trading days, the company may, at its option, within five business days following such 20-day period, accelerate the warrant expiry date by delivery of notice to the registered holders thereof and issuing a press release (in such case, the warrant expiry date shall be deemed to be 5 p.m. (Toronto time) on the 30th day following the later of (i) the date on which the acceleration notice is sent to warrant holders, and (ii) the date of issuance of the warrant acceleration press release).
The units and the underlying securities issuable in connection with the offering are subject to a statutory four-month-and-one-day hold period.
Closing of the offering is anticipated to be on or about March 10, 2017, and is subject to receipt of the TSX Venture Exchange, and other applicable regulatory approvals.
First Global is requesting of IIROC (Investment Industry Regulatory Organization of Canada) the continuation of the halt trade until the close of its private placement.
First Global would also like to advise that it is embarking on its North American launch strategy which has been accelerated due to significant global interest by large enterprise international payment organizations to partner with First Global for fintech payment services both domestically and for cross border payments to and from North America. Part of the use of proceeds from the private placement noted above is to accelerate the company’s deployment in North America which includes increasing staffing to deploy the significant opportunities.
The company would also like to update that in reference to its Jan. 25, 2017, news release regarding a joint venture with Selectcore Ltd., both companies are moving quickly to finalize a definitive agreement.
The company intends to provide updates on all of the above matters as updates become available.
About First Global Data Ltd.
First Global is an international financial services technology company. The company’s two main lines of business are mobile payments and cross-border payments. First Global’s proprietary leading-edge technology enables the convergence of compliant domestic and cross-border payments, shopping, peer to peer, business to consumer, and business to business payments. First Global enables its strategic partners and clients around the world with its leading-edge financial services technology platform.
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