VANCOUVER, Aug. 28, 2018 /CNW/ - NetCents Technology Inc. ("NetCents" or the "Company") (CSE: NC) is pleased to announce a private placement for an aggregate of $487,500 in discounted convertible debt (the "Debt").
The debt is repayable in full (the "Maturity Date") on the earlier of: (i) six months after the Closing Date and (ii) the date the holder elects to convert the loan to units. The debt bears interest at a rate of 10% per annum, calculated daily and payable on the Maturity Date. At any time prior to the Maturity Date, the Lender has the option to convert the principal amount of the Loan into units in the capital of the Company (the "Units") at $1.59 per Unit. Each Unit will consist of one common share of the Company ("Shares") and one Share purchase warrant (a "Warrant"). Each Warrant will entitle the holder to purchase one Share at of the price $1.59 per Share for a 24-month term from the date of issuance of the Debt. The face value of the Debt is expected to be an aggregate of $487,500, which will be sold at an original issue discount of 15% to the face value.
The proceeds of the debt will be used by the Company to provide general working capital.
NetCents is a next-generation online payments processing platform, offering consumers and merchants online services for managing electronic payments. The Company is focused on capturing the migration from cash to digital currency by utilizing innovative Blockchain Technology to provide payment solutions that are simple to use, secure and worry free. NetCents works with its financial partners, mobile operators, exchanges, etc., to streamline the user experience of transacting online.
NetCents Technology is integrated into the Automated Clearing House ("ACH") and is registered as a Money Services Business (MSB) with FINTRAC, which ensures our consumer's security and privacy. NetCents is available for deposits from 194 Countries around the World, providing you with the freedom to choose to Pay Your Way. ™
On Behalf of the Board of Directors
NetCents Technology Inc.
Clayton Moore, CEO, Founder and Director
NetCents Technology Inc.
Suite 1000 - 1021 West Hastings Street,
Vancouver, BC, V6E0C3
Cautionary Note Regarding Forward Looking Information
This release includes certain statements that may be deemed "forward-looking statements". All statements in this release, other than statements of historical facts, that address events or developments that the Company expects to occur, are forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in the forward-looking statements. Factors that could cause the actual results to differ materially from those in forward-looking statements include regulatory actions, market prices, and continued availability of capital and financing, and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. Forward-looking statements are based on the beliefs, estimates and opinions of the Company's management on the date the statements are made. Except as required by applicable securities laws, the Company undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change.
SOURCE NetCents Technology Inc.
For further information: please visit the corporate website at www.net-cents.com or contact Gord Jessop, President: [email protected]