Mr. Gavin McMillan reports
REVOLUGROUP CANADA INC. SUCCESSFULLY COMPLETES FIRST TRANCHE OF $1.5 MILLION PRIVATE PLACEMENT
Revolugroup Canada Inc.,
further to the company's news release dated Aug. 23, 2023, has completed the first tranche of its $1.5-million non-brokered private placement and has issued 14.35 million units, at a price of five cents per unit, for gross proceeds of $717,500. Each unit will consist of one common share and one warrant exercisable to purchase one additional common share at a price of 10 cents each for a period of one year from the date of issuance.
The expiry of the warrants may be accelerated at the company's sole discretion by written notice if the closing price for the common shares on the TSX Venture Exchange shall be equal to or greater than 10 cents for a minimum of 10 consecutive trading days. Shares issued in connection with this private placement and any shares issued as a result of the exercise of warrants are subject to a statutory hold period of four months and one day from the issuance date. There were no finder's fees paid in connection with this private placement.
A portion of the private placement constitutes a related-party transaction within the meaning of exchange Policy 5.9 and Multilateral Instrument 61-101 -- Protection of Minority Security Holders in Special Transactions, adopted in the policy. The company has relied on exemptions from the formal valuation and minority shareholder approval requirements of MI 61-101 contained in sections 5.5(a) and 5.7(1)(a) of MI 61-101 in respect of related-party participation in the private placement.
"We are extremely pleased with closing the first tranche," says Gavin McMillan, interim chief executive officer and director of the company. "We are
very
grateful to our existing shareholders for their ongoing support
and
commitment. We would also like to
warmly
welcome new strategic investors who share
our
vision, values
and goals."
The company anticipates that it will close the remainder of the private placement on or before Oct. 7, 2023.
About RevoluPay
The company's flagship neo-banking technology is RevoluPay, the Apple and Android multinational payment app. Conceived entirely in-house, RevoluPay features proprietary, sector-specific technology of which the resulting source code is the company's intellectual property. RevoluPay's built-in features include remittance payments, forex (foreign exchange), crypto-to-fiat exchange, retail and hospitality payments, real estate payments, pay-as-you-go phone top-ups, gift cards and on-line credits, utility bill payments, gaming credits, leisure payments, and travel payments. RevoluPay is aimed squarely at the worldwide multibillion-dollar open banking sector, cross-border forex payments and the plus-$595-billion family remittance market. RevoluPay is operated by the European wholly owned subsidiary RevoluPay EP SL situated in Barcelona. RevoluPay is a licensed U.S. MSB (money services business), Canadian FINTRAC (Financial Transactions and Reports Analysis Centre of Canada) and European PSD2 payment institution (No. 6900), under the auspices of European Union Directive 2015/2366, with EU 27-country passporting, and an official issuer of Visa cards and authorized Visa affiliate member. Revolugroup Canada controls five wholly owned subsidiaries on four continents.
About
Revolugroup Canada Inc.
Revolugroup Canada is a multiasset, multidivisional, publicly traded Canadian company deploying advanced technologies in banking, mobile apps, money remittance, cross-border forex payments, mobile phone top-ups, e-gaming, health care payments, e-sports, invoice factoring, on-line travel, vacation resort, blockchain systems and fintech (financial technology) app sectors.
We seek Safe Harbor.
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