First Equity Strategy, a subsidiary of Mobi724, has concluded a $221,600 loan with Investissement Québec collaterized against FES’s development of e-business tax credits for 2018.
The loan shall bear interest at prime rate plus 2% and will mature on December 31, 2020 unless repaid earlier in accordance with the terms and conditions of the CDAE Loan.
The company is also arranging a $500,000 secured revolving facility with a private financing group. The credit facility is conditional upon receipt of final approval from the company’s existing creditors, final approval of the TSX Venture Exchange and other customary conditions. Completion of the credit facility is expected to be finalized in May 2019, as approvals are obtained.
Net proceeds raised from the transactions will be used to finance ongoing obligations of the company and general working capital.
Marcel Vienneau, the CEO of Mobi724, said, “In Q1/2019, we completed a financing strategy with our team and external parties to secure the company’s accelerated growth in multiple markets. I want to thank Allan for assuming the role of CFO. He is a co-founding partner and a stakeholder in the company, and I look forward to working with him to execute MOBI724’s financing plan to continue our growth.”
MOBI724, a global fintech company, offers a fully integrated suite of multiple card-linked offers and rewards, digital marketing and business intelligence and payment solutions, including a mobile emv compliant payment platform, which work with any payment card, on any mobile device and at any point of sale.
