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
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:
Please visit www.freeportcapitalinc.com or contact Mr. Michele Tasillo 514-394-5200.
Or consult the CNSX website at www.cnsx.ca