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MONTREAL, Dec. 23, 2022 /CNW Telbec/ – Mobi724 Global Solutions Inc. (“Mobi724” or the “Company“) (TSXV: MOS), a fintech enabler of real-time, AI-powered payment card-linked solutions, announces that it has successfully converted debt in the aggregate of $633,915.00 (the “Debt”), $570,915.00 of which is owed to related parties. As announced on December 12, 2022, the Company issued 25,356,200 common shares (“Common Shares”) at a price of $0.025 in accordance with the Minimum Price Exception stipulated in TSX Venture Exchange (“TSX-V”) policy. The securities issued pursuant to the debt for shares transactions shall be subject to a statutory hold period of four months and one day as well as the TSV-V hold period and completion of the Offering remains subject to the final approval of the TSX-V.
The shares for debt transactions are considered to be a “related party transaction” under Multilateral Instrument 61-101 which transaction is exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 (pursuant to subsections 5.5(a) and 5.7(a)) as neither the fair market value of the transaction, nor the consideration received from, interested parties exceeded 25% of the Company’s market capitalization.
Make Every Transaction An Opportunity
Mobi724 Global Solutions Inc. (TSX-V: MOS) is a fintech company that enables banks and merchants to offer their customers real-time payment card-linked incentives in a white-label format. Mobi724’s objective is to add a layer of AI-driven actionable intelligence to every payment transaction, creating engaging consumer experiences & generating incremental commercial opportunities to its clients.
Mobi724 cautions investors that any forward-looking statements or projections made by Mobi724 are subject to risks and uncertainties, that may cause actual results to differ materially from those projected. Generally, forward-looking statements can be identified by the use of terminology such as “plans”, “expects”, “estimates”, “intends”, “anticipates”, “believes” or variations of such words, or statements that certain actions, events or results “may”, “could”, “would”, “might”, “will be taken”, “occur” or “be achieved”, the negative of these terms and similar terminology although not all forward-looking statement contains these terms and phrases. Forward-looking statements involve risks, uncertainties and other factors that could cause actual results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking statements. These risks and uncertainties include, but are not limited to, the risk factors set out in the Company’s annual and/or quarterly management discussion and analysis and in other of its public disclosure documents filed on SEDAR at www.sedar.com, as well as all assumptions regarding the foregoing. Except where required by applicable law, the Company disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE Mobi724 Global Solutions Inc.
