NetCents Secures Up to $5 Million in Financing

NetCents Technology (CSE:NC) has announced that it has entered into a non-binding agreement for a drawdown equity facility of up to $5 million with Alumina Partners.
As quoted in the press release:

 The agreement provides for equity private placement offerings, to be conducted in drawdowns made at the sole discretion of the company over a period of 60 months. Concurrent with entering into the equity facility, the company and Alumina Partners closed the first tranche offering under the facility for $500,000. Proceeds will be used for business expansion, marketing and general working capital.

This financing has been structured to allow the company to quickly access capital for growth. “While growth is necessary, we continue to remain aware of dilution for all shareholders and have tried to ensure it is minimized whenever possible,” commented Clayton Moore, CEO & Founder, NetCents Technology Inc.
The amount of each offering will be made at the mutual agreement of the company and Alumina Partners. The offerings will be for units of the company consisting of one common share and one common share purchase warrant. The unit price for each offering will be set at negotiated discounts ranging from 15 per cent to 25 per cent of the market price of the shares, with the exercise price for the warrants in each offering being set at a 25-per-cent premium over the market price.
The first tranche offering under the facility for $500,000 is for 1,116,071 units consisting of 1,116,071 common shares at $0.448 and 1,116,071 common share warrants at $0.70.

Click here to read the full press release.