TSX Venture Exchange: FGD
TORONTO, Nov. 11, 2016 /CNW/ - First Global Data Limited ("First Global" or the "Company") announces that it proposes to raise a maximum of up to CDN $3,000,000 of gross proceeds (the "Offering") from the sale of up to 30,000,000 units (the "Units") priced at CDN$0.10 per Unit. Each Unit is expected to be comprised of one (1) common share in the capital of the Company (a "Common Share") and one (1) Common Share purchase warrant (a "Warrant") entitling the holder to purchase one (1) Common Share for a period of three (3) years from the closing date of the Offering (the "Warrant Expiry Date") at an exercise price of CDN $0.20 per Common Share. The Offering is anticipated to close on or about November 18, 2016.
Proceeds from the Offering will be used to fund the Company's continued expansion of its mobile payment service in target markets around the world, and for general working capital.
The Company has engaged Kingsdale Capital Markets Inc. (the "Agent") to act as agent for the private placement on an exclusive commercially reasonable efforts basis. The Agent will receive (a) a cash commission equal to 8% of the gross proceeds of the Offering; (b) agent warrants (the "Agent Warrants") equal to 8% of the Common Shares issued in the private placement; and (c) reimbursement of the expenses of the Agent. Each Agent Warrant is exercisable for one Common Share during the three (3) years following the first closing at an exercise price of $0.20.
The Offering is subject to all necessary regulatory and stock exchange approvals. The securities being issued pursuant to the Offering will be subject to a four month hold period in accordance with applicable Canadian securities law.
About First Global
First Global is an international financial services technology (FINTECH) company operating in the payments sector. The Company's two main lines of business are mobile payments and international money transfers. First Global's proprietary leading edge technology core enables the convergence of compliant domestic and cross border mobile and online payments, money transfers, shopping and peer to peer services. First Global enables its strategic partners and clients around the world with its leading edge financial services technology platform.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This press release contains forward-looking statements based on assumptions, uncertainties and management's best estimates of future events. Actual results may differ materially from those currently anticipated. Investors are cautioned that such forward-looking statements involve risks and uncertainties. Important factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements are detailed from time to time in the Corporation's periodic reports filed with the Ontario Securities Commission and other regulatory authorities. The Corporation has no intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
SOURCE First Global Data Limited
Image with caption: "First Global Data Limited (CNW Group/First Global Data Limited)". Image available at: http://photos.newswire.ca/images/download/20161111_C4880_PHOTO_EN_816132.jpg
For further information: Andre Itwaru, Chairman and Chief Executive Officer, Telephone: 416.504.3813, Facsimile: 416.504.7092, Email: firstname.lastname@example.org