Freeport Capital Inc. (FAS: CNSX) Announces a Private Placement for a Maximum of $850,000
MONTREAL, Aug. 27, 2012 /CNW Telbec/ - Freeport Capital Inc. (the "Company") a leader on Mobile Credit and PIN Debit payment solutions, announces that it is in the process of completing a capital raise of up to $850,000 at a price $0.60 per unit based on a confidential price reserve, each unit is comprised of one common share and three quarter of one common share purchase warrant. Each whole warrant will entitle the holder to purchase one additional common share at a price of $1.25 exercisable within 18 months of Closing. The net proceeds from the private placement will be used to fund the expansion of the business in the Philippines as well as for working capital purposes. The units will be sold to "accredited investors" and close business associates in the Province of Québec on a prospectus-exempt basis. The second tranche closing is expected to occur within two weeks. As of this date, the Company has successfully closed the first tranche of this private placement in the amount of $454,001.00.
In connection with the private placement, Freeport will pay to Capital CCFL s.e.n.c. (www.ccflcapital.com), an Exempt Market Dealer, a finder's fee in a maximum amount of up to 7% of the gross proceeds of the private placement in cash and grant compensation options to purchase up to 7% of the units issued in connection with the private placement. Each compensation option will entitle its holder to acquire one common share of Freeport at a price of $0.60 on or before August 13, 2017 and three quarter of one common share purchase warrant. Each whole warrant entitles the holder to purchase one additional common share at a price of $1.25 for a period of 18 months. The compensation for the first tranche amounts to $17,820 in cash and 29,700 compensation options.
About Freeport Capital Inc.
Freeport Capital Inc. (CNSX: FAS) develops an Enterprise Ready Mobile Payment Platform for the leading OS's (IOS, Android, BB and Windows 7). The Corporations holding First Equity Strategy LLC markets itself with the DBA : HybridPay Tech.
Visit www.hybridpaytech.com and click on our corporate video presentation: http://www.youtube.com/watch?v=XvZHrck2eag&feature=youtu.be
The Canadian National Stock Exchange (CNSX) 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: FREEPORT CAPITAL INC.
Please visit www.freeportcapitalinc.com or contact Mr. Michele Tasillo 514-394-5200.
Or consult the CNSX website at www.cnsx.ca
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