Freeport Capital Inc. (FAS: CNSX) Announces the closing of a Private Placement for an aggregate total of $953,003
MONTREAL, Sept. 20, 2012 /CNW Telbec/ - Freeport Capital Inc. (the "Company") a leader on Mobile Credit and PIN Debit payment solutions, announces that it has successfully completed a capital raise of $953,003 at a price $0.60 per unit based on a confidential price reserve, each unit is comprised of one common share and three quarter of one common share purchase warrant. Each whole warrant will entitle the holder to purchase one additional common share at a price of $1.25 exercisable within 18 months of Closing. The net proceeds from the private placement will be used to fund the expansion of the business in the Philippines as well as for working capital purposes. The First tranche of the private placement in the amount of $454,001.00 closed in August and the second tranche in the amount of $499,002.00 was closed on September 11th and September 14th respectively.
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 $32,000.06. Capital CCFL s.e.n.c. also received 40,000 Broker warrants at an exercise price of $1.25 expiring on March 10th 2014 and 53,333 Broker warrants at an exercise price of $0.60 expiring on September 10th 2017.
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.
Visit www.hybridpaytech.com and click on our corporate video presentation: http://www.youtube.com/watch?v=XvZHrck2eag&feature=youtu.be
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.
SOURCE: FREEPORT CAPITAL INC.For further information: