TORONTO, ONTARIO--(Marketwired - Apr 13, 2017) - SelectCore Ltd. ("SelectCore" or the "Company") (TSX VENTURE:SCG) is pleased to announce it has completed a non-brokered private placement financing (the "Financing") as previously announced on April 3, 2017, and that all insiders and board members have participated in this private placement.
Pursuant to the Financing, the Company issued 13,333,330 units ("Units") of the Company at a price of $0.15 per Unit to raise aggregate proceeds of $1,999,999.55. Each unit consists of one common share in the capital of the Company and one common share purchase warrant. Each full warrant will entitle its holder to purchase one additional common share at an exercise price of $0.20 for a period of three (3) years from the closing date of the private placement. In the event that the closing price of the Company's common shares on the TSX Venture Exchange is $0.50 or greater per common share during any 10 consecutive trading day period at any time subsequent to four months and one day after the closing date, the warrants will expire, at the sole discretion of the Company, at 4:00 p.m. (Toronto time) on the 30th day after the date on which the Company provides notice of such accelerated expiry to the holders of the warrants.
All securities issued in connection with the Financing are subject to a four-month hold period from the date of issuance in accordance with applicable securities laws. A portion of the Financing constitutes a "related party transaction" under Multilateral Instrument 61-101 ("MI 61-101") as officers and directors of the Company participated in the Financing. The Financing is exempt from the formal valuation and minority shareholder approval requirements of MI 61-101, as neither the fair market value of securities being issued to insiders nor the consideration being paid by insiders will exceed 25% of the Company's market capitalization. The Company did not file a material change report 21 days prior to the closing of the Financing as the details of the participation of the related parties of the Company had not been confirmed at that time.
Mohammad Abuleil, President and CEO of SelectCore, stated "the demand for the PP was overwhelming. This is very gratifying as it is a clear validation of our corporate mandate to transform to a full suite FINTECH enterprise."
Established in 1999, SelectCore is a leading prepaid financial services provider and transaction processor for under-banked and underserved markets. From prepaid mobile top-up to stored-value cards and remittance solutions, SelectCore services a market of millions of under-banked consumers through its technology platforms and extensive retail distribution network. SelectCore is a publicly traded company listed on the TSX Venture Exchange under the symbol "SCG" (TSX VENTURE:SCG). SelectCore was ranked by Profit100 as one of Canada's fastest-growing companies in 2006, 2007, 2009 and 2010. SelectCore was also ranked one of North America's fastest growing companies on Deloitte's 2011 Technology Fast 500.
Cautionary Note Regarding Forward-Looking Statements:
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