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TSX Venture Exchange: FGD
Frankfurt Stock Exchange: 1G5
TORONTO, March 10, 2017 /CNW/ - First Global Data ("First Global" or the "Company") would like to inform our investors that we are in receipt of all of the pertinent subscription documentation relative to the Private Placement announced on March 6, 2017. The Company would also like to advise that the proceeds are currently being held in trust pending the requisite regulatory approvals and the Company is looking to resume trading shortly.
The Company would also like to advise that it has been made aware of issues around the conveyance and acceptance with respect to its assignment of $3,430,348.51 of Series G debentures on December 22, 2015 (the "Assignment") to a public company (the "Pubco"), and as announced in its press releases of January 21, 2016 and November 1, 2016. The issues pertain to whether the Pubco had the authority to accept the Assignment.
The Company is of the position that the Assignment was valid and that the Pubco is responsible for the repayment of the associated debentures (the "Debentures"). In the event that the Assignment is found to not to have been valid, there is a possibility that the Company may be required to re-assume the Debentures. If the Company is required to re-assume the Debentures, and there can be no assurance that the Company will be required to do so, the Company is of the opinion that the Debentures will not have a material impact on the operations of the Company. In addition, the Company believes that a large percentage of the holders of the Debentures may be agreeable to converting their Debentures into securities of the Company at prevailing market pricing.
About First Global
First Global is an international financial services technology ("FINTECH") company. The Company's two main lines of business are mobile payments and cross border payments. First Global's proprietary leading edge technology enables the convergence of compliant domestic and cross border payments, shopping, Peer to Peer ("P2P"), Business to Consumer ("B2C"), and Business to Business ("B2B") payments. First Global enables its strategic partners and clients around the world with our leading edge financial services technology platform.
Neither TSX Venture Exchange Inc. ("TSXV") nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.
The securities offered have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements. This press release shall not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of the securities offered in any jurisdiction in which such offer, solicitation or sale would be unlawful.
Forward Looking Information:
This news release contains "forward-looking information" within the meaning of applicable securities laws. Although First Global believes in light of the experience of its officers and directors, current conditions and expected future developments and other factors that have been considered appropriate, that the expectations reflected in this forward-looking information are reasonable, undue reliance should not be placed on them because First Global can give no assurance that they will prove to be correct. Readers are cautioned to not place undue reliance on forward-looking information. Actual results and developments may differ materially from those contemplated by these statements. The statements in this press release are made as of the date of this release. First Global undertakes no obligation to comment on analyses, expectations or statements made by third-parties in respect of First Global, its securities, or financial or operating results (as applicable). First Global disclaims any intent or obligation to update publicly any forward-looking information, whether as a result of new information, future events or results or otherwise, other than as required by applicable securities laws.
SOURCE First Global Data Limited
For further information: Andre Itwaru, Chief Executive Officer, t: (416) 504-3813, e: [email protected]