Freeport Capital Inc. (FAS: CNSX) Announces the closing of a private placement for an aggregate total of $ 851,502.20
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SOURCE Freeport Capital Inc.
MONTREAL, March 15, 2013 /PRNewswire/ - Freeport Capital Inc. (the
"Company") a leader on Mobile Credit and PIN Debit payment solutions,
announces that on March 11th 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 10th 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.
The Canadian National Stock Exchange (CNSX) 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
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