TORONTO, July 21, 2015 /CNW/ - SelectCore Ltd. ("SelectCore" or the "Company") (TSX-V: SCG) announces the closing of a private placement (the "Private Placement"). Common shares were issued ("Issued Common Shares") at a price of $0.05 per share. In addition, each Issued Common Share provides the applicable investor with one (1) warrant ("Warrant") exercisable into one (1) common share expiring in 24 months which, if exercised, will result in proceeds per Warrant to the Company of $0.08.
The Private Placement was for 11,300,000 Issued Common Shares at a price of $0.05 per share for gross proceeds of $565,000. In addition, each Issued Common Share will provide the applicable investor with one (1) Warrant exercisable into one (1) common share expiring in 24 months which, if exercised, will lead to proceeds per Warrant of $0.08. The Issued Common Shares and Warrants are subject to a hold period expiring on November 18, 2015.
Proceeds of the Private Placement will be used to retire debt of the Company, as well as to strengthen the balance sheet to better pursue strategic alliances and opportunities.
Established in 1999, SelectCore is a leading prepaid financial services provider and transaction processor for under-banked and underserved markets. From prepaid mobile top-up to stored-value cards and remittance solutions, SelectCore services a market of millions of under-banked consumers through its technology platforms and extensive retail distribution network. SelectCore is a publicly traded company listed on the TSX Venture Exchange under the symbol "SCG" (TSXV: SCG). SelectCore was ranked by Profit100 as one of Canada's fastest-growing companies in 2006, 2007, 2009 and 2010. SelectCore was also ranked one of North America's fastest growing companies on Deloitte's 2011 Technology Fast 500.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Certain information in this news release contains forward-looking statements. These forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond SelectCore's control including, without limitation, the impact of general economic conditions, industry conditions, fluctuation of exchange rates, industry competition, availability of qualified personnel and management, stock market volatility and timely and cost effective access to sufficient capital from internal and external sources. As a consequence, actual results may differ materially from those anticipated in the forward-looking statements. Readers are cautioned that the forgoing list of factors is not exhaustive. Additional information on these and other factors that could affect SelectCore's operations and financial results are included in reports on file with Canadian securities regulatory authorities and may be accessed through the SEDAR website (www.sedar.com). Furthermore, the forward-looking statements contained in this news release are made as at the date of this news release and SelectCore does not undertake any obligation to update publicly or to revise any of the forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by applicable securities laws.
SOURCE SelectCore Ltd.
For further information: Mohammad Abuleil, (866) 825-1267 ext. 246, [email protected], www.selectcore.com