MONTREAL, March 21, 2013 /PRNewswire/ - Freeport Capital Inc. (the "Company") a leader on Mobile Credit and PIN Debit payment solutions, announces the following:
Extension of convertible term sheets ("Debentures")
With the approval of the CNSX, the Company has extended the terms of the Debentures issued to Pierre McMaster, Antoine Clermont and partners (the "Investors").The funds advanced to the Company bear interest at rate of 12% per annum.The Debentures were issued to the Investors in November 2010 and amended twice, in March 2011 and March 2012 and conferred the Investors the option to convert the funds loaned to the Company into common shares at a price of $ 0.25 per share by no later than March 31st, 2013 and issue one to one warrants with an exercise price of $0.30 expiring March 31st, 2013 or if exercised after the aforesaid date, at an exercise price of $ 0.40 expiring March, 31st, 2014.The issuances of the Debentures have been under review by the Autorité des Marchés Financiers ("AMF") since April 2012 and in order for the Investors not to be precluded from losing their right to convert which isset to expire on March 31st, 2013, the Company, with the approval of the CNSX has extended the date of conversion of the Debentures to thirty (30) days from the written approval of the AMF. The Company has also extended the terms of the aforesaid warrants to be issued pursuant to the conversion in the following manner: warrants shall continue to have an exercise price of $0.30 and shall be exercisable thirty (30) days from the conversion of the Debentures ("First Date") or if exercised after the First Date, at an exercise price of $ 0.40 expiring thirty days after the First Date.
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 Corporation wholly owned subsidiary 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.