TORONTO, ONTARIO -- (Marketwired) -- 09/22/14 -- First Global Data Limited (the "Corporation") (TSX VENTURE: FGD) would like to announce that it has agreed to the issuance of Series "D" 10% convertible debentures (the "Debentures") in the aggregate principal amount of $500,000 on a non-brokered private placement basis.
The Corporation intends to use the net proceeds from the Debentures to increase the reserve fund requirements (in the money remittance business known as the "float") and working capital.
The Debentures will be issued to one (1) investor (the "Investor") and will bear interest at 10% per annum, such interest to be accrued until maturity. The term of the Debenture shall be 24 months. The Debenture is convertible, at the option of the Investor, at a price of $0.12 per share at any time.
Closing is subject to the receipt of all regulatory approvals, including the TSX Venture Exchange.
About First Global
The Corporation, through its various subsidiaries, is an international payments company whose services are designed primarily for the domestic and international underbanked markets. Services include Mobile and Online Payments, Money Transfer, including Peer to Peer mobile and online transfers. The Corporation moves money domestically and internationally in full compliance with regulatory guidelines. The Corporation also enables its strategic partners and clients around the world with its leading edge financial services technology products. The Corporation maintains a strong focus on compliance and holds licenses to operate as a Money Service Business around the world. The Corporation's electronic transaction infrastructure currently extends to approximately 97 countries worldwide. The Corporation's goal is to become the global leader in the mobile money and online financial transaction services sector.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This press release contains forward-looking statements based on assumptions, uncertainties and management's best estimates of future events. Actual results may differ materially from those currently anticipated. Investors are cautioned that such forward-looking statements involve risks and uncertainties. Important factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements are detailed from time to time in the Corporation's periodic reports filed with the Ontario Securities Commission and other regulatory authorities. The Corporation has no intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
Contacts:
First Global Data Limited
Andre Itwaru
Chief Executive Officer and President
416.504.3813
416.504.7092 (FAX)
aitwaru@firstglobaldata.com
