MONTREAL, June 9, 2015 /CNW Telbec/ - Mobi724 Global Solutions Inc. ("Mobi724" or the "Corporation") (CSE:MOS), formerly Hybrid Paytech World Inc. (CSE:HPT), a technology leader in the digital incentives, couponing and payment space, announced today that on June 5th, 2015, the Autorité des Marchés Financiers (the "AMF") issued a partial revocation of the cease trade order issued on May 19th, 2015 solely to permit the closing of a financing. The cease trade order was issued because Mobi724 was unable to file its annual financial statements, MD&A and related CEO and CFO certificates for its fiscal year ended December 31, 2014 (the "Year End Filings") by the filing deadline of April 30, 2015 as prescribed by National Instrument 51-102 ? Continuous Disclosure Obligations ("NI 51-102). The partial revocation of the cease trade order will allow Mobi724 to complete a private placement to issue a maximum of 36 363 637 common shares at a price of $ 0.0825 for the aggregate amount of $3,000,000. The subscribers shall also be issued one common share purchase warrant for every common share issued on the first $2,000,000 at an exercise price of $0.0825 exercisable between November 15, 2015 and March 31st 2016 after which they shall expire. The distribution will only take place in Quebec.
The funds raised shall permit Mobi724 to prepare and finalize Year End Filings, to prepare its interim financial statements, interim MD&A and related CEO and CFO certificates for the interim period ended March 31, 2015 (the "Interim Filings"), to file a full revocation order within 60 days from the closing of the private placement, to satisfy ongoing debt obligations, to pay past due payroll expenses and to satisfy minimum overhead expenses to sustain ongoing operations.
The private placement shall involve certain related parties and constitutes a related party transaction. Mobi724 is relying on the exemptions provided in sections 5.5 (a) and 5.7 (1) (a) of Regulation 61-101 Respecting Protection of Minority Security Holders in Special Transactions.
About Mobi724 Global Solutions
Mobi724 Global Solutions (CSE: MOS), formerly Hybrid PayTech World Inc. (CSE: HPT), a corporation based in Montreal, Canada, is a technology leader in digital incentives (such as mobile couponing & loyalty rewards) and payment solutions (including mobile payment). Mobi724 Global Solutions unleashes the true potential of both payment and couponing/rewards transactions for both online and offline points of sale.
The Corporation is fully dedicated to deliver unique "real time" and seamless digital promotional incentives (coupons, bank cards, loyalty rewards) embedded into the most secured payment environment. The Corporation provides to its customers full and comprehensive traceability and enriched consumer data through its offering. Its solutions enable retailers, manufacturers, offer providers, mobile operators and card issuers to create, manage, deliver and "track and measure" incentive campaigns worldwide to ANY mobile device and allow its redemption at ANY point of sales.
Their credit and debit EMV payment solutions will allow banks to process end to end EMV transactions, focusing on authentication, approved security and quick merchant adoption which allows the users to process payments with a wide range of devices over a secure and seamless transaction.
Mobi724 PCI and EMV cloud-based switch, with their device agnostic connectivity, simplifies deployment and integration, and introduces new payment and digital incentives solutions to the market.
Certain statements in this document, including those which express management's expectations or estimations with regard to the Corporation's future performance, constitute "forward-looking statements" as understood by applicable securities laws. Forward-looking statements are, of necessity, based on a certain number of estimates and hypotheses; while management considers these to be accurate at the time they are expressed, they are inherently subject to significant uncertainties and risks on the commercial, economic and competitive levels. We advise readers that these forward-looking statements are subject to risks, uncertainties, and other known and unknown factors that may cause the actual results, performance or achievements of the Corporation to be materially different from any future results, performance or achievements expressed or implied in these forward-looking statements. Investors are advised to not rely unduly on the forward-looking statements. This advisory applies to all forward-looking statements, whether expressed orally or in writing, attributed to the Corporation or to any individual expressing them in the name of the Corporation. Unless required by law, the Corporation is under no obligation to publicly update these forward-looking statements, whether to reflect new information, future events, or other circumstances.
The Canadian Securities Exchange (CSE) 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.
SOURCE Mobi724 Global Solutions Inc.
These press releases may also interest you