MOBIF - Mobi724 Global Solutions Announces a 31-Day Extension to the Term of a Convertible Debenture
Montreal, Quebec--(Newsfile Corp. - June 30, 2020) - Mobi724 Global Solutions Inc. (TSXV: MOS) ("Mobi724" or the "Company"), a fintech company, that offers a suite of integrated technology-agnostic, BI & AI powered card-linked offers & reward solutions announces that it intends to seek approval from the TSX Venture Exchange (TSX-V) in order to extend the maturity date of a $2,705,566.03 12% interest bearing debenture (the "Debenture). The Debenture was issued on September 1, 2016 by way of a private placement and was extended on July 12, 2018 and includes the Company's right to convert the Debenture into common shares of the Company at $0.35 per share at maturity.
The Company is currently involved in ongoing negotiations with the holder of the Debenture (the "Holder") regarding the potential restructuring of the Debenture. In order to allow the parties to complete their negotiations, the Company and the Holder have agreed to amend the terms of the Debenture by extending the maturity date of the Debenture thirty-one (31) days from the current maturity date of June 30, 2020, such that the maturity date will be amended to July 31, 2020.
The proposed amendment to the Debenture is subject to the approval by the TSX-V.
About Mobi724 Global Solutions Inc.
"Processing Smart Transactions Anywhere"
Mobi724 Global Solutions Inc. (TSXV: MOS) is a fintech company headquartered in Montreal, Canada. The company offers a suite of integrated technology-agnostic, BI & AI powered card-linked offers & reward solutions that work with any digital payment method, at any point of sale, both online and in physical locations. Mobi724's global processing platform enables card issuing banks, payment networks, merchants and loyalty program operators to generate incremental revenues by driving new commercial opportunities, while delivering seamless engaging and rewarding experiences to cardholders.
Legal Disclaimer
Mobi724 cautions investors that any forward-looking statements or projections made by Mobi724 are subject to risks and uncertainties, that may cause actual results to differ materially from those projected. Such factors include, but are not limited to, those described under Item 'Risk Factors and Uncertainties' in the Company's Q1-2020 Management Discussion and Analysis.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
For further information, please visit www.MOBI724.com or contact:
Investor Relations:
Eli Rozhansky
Investor Relations
Mobi724 Global Solutions Inc.
T: 514-394-5200
ir@mobi724.com
Marcel Vienneau, CEO
T : 514-394-5200
ir@mobi724.com
This news release does not constitute a solicitation to buy or sell any securities in the United States.
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