Mobi724 Global Solutions (TSXV:MOS) announced that pursuant to early exercise warrant incentive program that the company announced on March 19, the eligible warrant holders have exercised 6,200,000 warrants at a price equal to $0.15 for total gross proceeds of $930,000.
The company also announced that a director of the company has exercised 1,000,000 eligible warrants. Mobi724 is a Fintech leader offering all in one fully integrated EMV payment, card-linked offers and digital marketing solutions.
As quoted in the press release:
In accordance with the Incentive Program, the Eligible Warrant Holders received 6,200,000 incentive warrants (“Incentive Warrants”) exercisable at a price of $0.46 which shall expire on April 13, 2019. The Incentive Warrants that were issued are subject to a four months and one day hold period in accordance with applicable securities regulations and are also subject to a forced conversion by the Company if, at any time prior to April 13, 2019, the common shares of the Company trade at a price equal to, or greater than, $0.65 for at least ten (10) consecutive trading days.
Marcel Vienneau, CEO of MOBI724, said, “We are pleased that eligible warrant holders, including a Director of the Company, have elected to exercise under the Incentive Program, and add to their investment in the Company. We appreciate their continued support and confidence. This Incentive Program is a cost effective and prudent way for MOBI724 to add close to $1 million to its treasury and provide flexibility given our growing sales pipeline. ”