TORONTO, ONTARIO--(Marketwired - Apr 4, 2017) - SelectCore Ltd. ("SelectCore" or the "Company") (TSX VENTURE:SCG) is pleased to announce a non-brokered private placement financing to raise up to $2,000,000 (the "Offering"). The Offering is anticipated to be structured as a best efforts private placement comprised of 13,333,333 units ("Units") of the Company at a price of $0.15 per Unit. Each Unit will consist of one common share in the capital of the Company and one common share purchase warrant. Each 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 date of issuance of the Units. 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.
Completion of the Offering is subject to certain conditions including, but not limited to, the receipt of all necessary approvals, including the approval of the TSX Venture Exchange. There can be no assurance that the Offering will be completed, whether in whole or in part. All securities issued by the Company in connection with the Offering will be subject to a statutory four month hold period. Proceeds from the Offering will be used for retirement of debt and ongoing working capital purposes.
Granting of Options
In addition, the Company is pleased to announce that the Company has granted 3,380,000 incentive stock options to various Officers, Directors, Employees and Consultants. The options are exercisable at $0.17 per option for a period of 3 years from the date of grant, vesting pursuant to the terms of the Company's Stock Option Plan. The options are being issued under the terms of the Company's Stock Option Plan which was approved by shareholders at the Company's Annual General and Special Meeting held on November 24, 2016.
Established in 1999, SelectCore is a leading prepaid financial services provider and program manager 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:
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 Company's periodic reports filed with the Ontario Securities Commission and other regulatory authorities. The Company has no intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.