Freeport Capital Inc. (FAS: CNSX) Announces Closing of Private Placement and Related and other Matters
MONTREAL, Nov. 2, 2012 /CNW Telbec/ - Freeport Capital Inc. (the "Company") a leader on Mobile Credit and PIN Debit payment solutions, announces that on October 29th and 31st 2012, it has successfully closed the previously announced private placement. Pursuant to the private placement, 2,600,001 common shares of the Company were issued at an issue price of $ 0.60 per common share for aggregate gross proceeds of $1,560,000.00. As part of the private placement, an aggregate 516,667 common shares at an issue price of $0.60 per common share were issued to arm's length third parties for forgiveness of debt for an aggregate amount of $309,198.00 and an aggregate 100 000 common shares at an issue price of $0.60 per common share were issued to arm's length third parties as a finder's fee in connection with the private placement. The Company also issued 2,366,667 warrants at an exercise price of $1.00 each expiring October 28, 2014 and 561,499 warrants at an exercise price of $1.25 expiring April 28, 2014.
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 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 27,930,275 common shares issued and outstanding.
The Company also announces that on November 7th, 2012 it is scheduled to close a private placement for the issuance of 1,204,000 warrants on at an issue price of $0.001 and exercise price of $1.099 as detailed in a CNSX form 9 filed on October 17, 2012. The Company will also issue 100,000 warrants at an issue price of $0.001 and exercise price of $1.179. The warrants are set to expire 18 months from their issuance. The warrants will be sold to "accredited investors" and close business associates in the Province of Québec on a prospectus-exempt basis
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
WARNING: This news release may contain forward looking statements based on the assumptions and judgments of management regarding future events or results that may prove to be inaccurate as a result of exploration and other risk factors beyond its control, and actual results may differ materially from the expected results.
SOURCE: FREEPORT CAPITAL INC.For further information: