Freeport Capital Inc. (CNSX: FAS) Announces a New Maximum from $2,700,000.00 to $4,300,000 for Completion of Previously Announced Private Placement
MONTREAL, March 27, 2013 /PRNewswire/ - Freeport Capital Inc. (the "Company") a leader on Mobile Credit and PIN Debit payment solutions, announces that it is in the process of completing its second tranche of the capital raise which was announced on March 5th, 2013. The Company is also pleased to announce that it will surpass its capital raise objective from $2,700,000 to a maximum of $ 4,300,000 which the Company intends to close prior to April 8 2013. The private placement remains at a price of $0.90 per unit, each unit will be comprised of one common share and three quarters of one common share purchase warrant at a price of $1.25 exercisable within 18 months from Closing. The net proceeds from the private placement will be used to fund the expansion of the business in the Asia Pacific regions and Latin America as well as for working capital purposes.
In connection with the aforesaid financing, Capital CCFL s.e.n.c. (www.ccflcapital.com) an Exempt Market Dealer, has been mandated by the Company on a commissions basis and will be entitled to receive a finder's fee in the amount of 7% of the gross proceeds of the private placement in cash as well as broker warrants and a lesser fee on existing company list investors. The number of broker warrants to be issued to CCFL alone or with a selling agent will be determined by dividing the finder's fee by the issue price of the Units pursuant to the same terms and conditions of the proposed financing except that the broker warrants would have a term of 5 years.
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.