26 Sep, 2018, 09:00 ET
/THIS NEWS RELEASE IS NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES FOR DISSEMINATION IN THE UNITED STATES/
VANCOUVER, Sept. 25, 2018 /CNW/ - NetCents Technology Inc. ("NetCents" or the "Company") (CSE: NC) is pleased to announce the closing of its previously announced (see news release dated September 12, 2018) non-brokered private placement (the "Offering"). Due to demand, the Offering was increased from a maximum of $1,500,000 to $2,161,000.
Pursuant to the Offering, the Company issued 2,161,000 units ("Units") at a price of $1.00 per Unit, for gross proceeds of $2,161,000. Each Unit consists of one common share of the Company (a "Share") and one common share purchase warrant of the Company (a "Warrant"). Each Warrant entitles the holder to acquire one common share of the Company (a "Warrant Share") at an exercise price of $1.25 for a period of 24 months from the closing date of the Offering.
In connection with the Offering, the Company paid $8,470 in finder's fees.
The Company will be entitled to accelerate the expiry date of the Warrants to the date that is 30 days following the date a news release is issued announcing the accelerated expiry date in the event that the volume weighted average closing price of the Shares on the Canadian Securities Exchange (the "Exchange") is greater than or equal to $1.50 for a period of 20 consecutive trading days after four months and one day from the closing of the Offering.
All securities issued in connection with the Offering are subject to a statutory hold period of four months and one day following the closing date of the Offering in accordance with applicable securities legislation, expiring on January 26, 2019. The Company intends to use the net proceeds from the Offering for general working capital.
The Company is also pleased to announce that Christopher Cherry has been appointed as the Company's new Chief Financial Officer, effective October 1, 2018, replacing the vacancy left by Mr. Laitinen's resignation.
Mr. Cherry is a CPA having obtained the Chartered Accountant designation in February 2009 and the Certified General Accountant designation in 2004. He has over 14 years of corporate accounting and audit experience and has acted as Director, Chief Financial Officer, and Secretary for several public companies. In his former experience as an auditor, he held positions with KPMG and Davidson and Co. LLP in Vancouver, where he gained experience as an IPO specialist and auditor for junior public companies.
This news release does not constitute an offer to sell or a solicitation of an offer to sell any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
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]
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