Hybrid Paytech World Inc. (CNSX: HPT) Announces It Is In Process of Completing a Private Placement by way of Convertible Debentures
Nov 20, 2013, 11:32 ET
MONTREAL, Nov. 20, 2013 /PRNewswire/ - Hybrid Paytech World Inc, (the "Company" or "Hybrid"), (CNSX: HPT) announces that it is in the process of completing the issuance of an unsecured convertible debentures totalling ($ 400,000.00) (the "Debenture") which shall be used for working capital.
The Debenture shall have a maturity date of December 31, 2014 at which time the Debenture shall be convertible into common shares (the "Shares") of the Company at a price of $1.25 per common share, and each common share converted comes with ¾ purchase warrants at an exercise price of $1.60 expiring twelve months from their issuance.
The participation of Anton Investments Inc. and Franco Pacetti in the private placement of Debentures constitute a "related party transaction" under Multilateral Instrument 61-101- Protection of Minority Security Holders in Special Transactions ("MI 61-101"), but the Company was exempt from both the formal valuation and minority shareholder approval requirements of MI 61-101 in connection with the private placement on the basis of the financial hardship of the Company.
About Hybrid PayTech World Inc. (CNSX:HPT)
Hybrid PayTech World Inc. Develops an Enterprise Ready Mobile Payment Platform for the leading OS's (IOS, Android, BB and Windows 6,7,8). The Corporation's holding, First Equity Strategy LLC, markets itself with the DBA: Hybrid Paytech. Visit www.hybridpaytech.com and click on our corporate video presentation www.youtube.com/watch?v=XvZHrck2eag&feature=youtu.be
HybridPaytech based in Montreal, Canada, is a technology leader in the mobile payment space for EMV& MSR credit and debit acceptance. With a global footprint, Hybrid is an enabler of easily-deployable payment systems focusing on authentication, approved security and quick merchant adoption in Fleet, Delivery, Logistics and Retail. For more information on Hybrid PayTech, please visit www.hybridpaytech.com or www.hybridpos.com
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 Hybrid PayTech World Inc.