FINEQIA CLOSES THIRD TRANCHE
OF PRIVATE PLACEMENT FOR TOTAL C$4.76 MLN TO DATE
Vancouver, British Columbia – December 12, 2022 --
InvestorsHub NewsWire -- Fineqia International Inc.
(the “Company” or “Fineqia”)
(CSE: FNQ) (OTC: FNQQF) (Frankfurt: FNQA) announces the closing
of the third tranche (the “Third Tranche”)
of its non-brokered private placement (the
“Offering”). The Company has issued 43,185,690
units (the “Units”) to raise gross proceeds of
C$431,856.90 in this tranche. The Company also issued 1,917,720
Units as finder’s fees on a portion of the Offering.
On a cumulative basis, the Company has issued 499,725,810 units
in the private placement to raise gross proceeds of C$4,756,105.90.
The Company also converted debts of C$221,975.00 and has issued
1,917,720 units as finder’s fees. The closing of the Third Tranche
follows the upsize of the offering to C$5 million from C$4 million,
announced on Oct. 12, 2022.
“We’ve been overwhelmed by the positive recognition received
from current and new shareholders on the recent upsize of our
private placement,” said Fineqia CEO Bundeep Singh Rangar. “The
increased participation will allow us to continue executing on our
growth plans.”
Each Unit consists of one common share of the Company and one
share purchase warrant (a “Warrant”) exercisable
for three years at a price of C$0.05 per share. The Company may, at
its option, accelerate the expiry date of the Warrants, provided
that closing price of the common shares is at or above C$0.15 per
share for any 20 consecutive trading day period at any time after
four months and one day after the issuance of the Warrants.
The issuance of certain of the Units to directors and officers
of the Company pursuant to the Offering will each be considered a
"related party transaction" as defined in Multilateral Instrument
61-101 - Protection of Minority Security Holders in Special
Transactions ("MI 61-101"). The Company will
rely upon exemptions from the valuation and minority shareholder
approval requirements of MI 61-101 contained in sections 5.5(a) and
5.7(1)(a), respectively, with respect to the issuance of the Units
to the directors and officers.
The proceeds from the Offering will be used to enhance the
Company's working capital.
The Company has paid the finder’s fees of C$19,177.20 in
connection with the Private Placement, paid in
Units.
The securities issued may not be traded for a period of four
months plus one day from the date of issuance. The securities have
not been and will not be registered under the United States
Securities Act of 1933, as amended (the "1933
Act"). Accordingly, these securities may not be offered or
sold in the United States or to, or for the account or benefit of,
a U.S. person or person in the United States (as such terms are
defined in regulations under the 1933 Act), absent an exemption
from the registration requirements of the 1933 Act and applicable
state laws. This press release shall not constitute an offer to
sell or the solicitation of an offer to buy securities in the
United States or in any jurisdiction in which such offer,
solicitation or sale would be unlawful.
About Fineqia International Inc.
Fineqia is a listed entity in the Canada (CSE: FNQ), US (OTC: FNQQF) and Europe (Frankfurt: FNQA). Fineqia's
strategic focus has been to provide a platform and associated
services to support securities issuances and manage administration
of debt securities. Fineqia is currently building out its
alternative finance business and it currently holds a growing
portfolio of blockchain, fintech and cryptocurrency technology
companies worldwide.
For more information, visit www.fineqia.com
ON BEHALF OF THE FINEQIA BOARD
Bundeep Singh Rangar
CEO and Director
FOR FURTHER INFORMATION, PLEASE CONTACT:
Katarina Kupcikova, Analyst
E. katarina.kupcikova@fineqia.com
T. +44 7806 730 769
Bundeep Singh Rangar, CEO
E. bundeep.rangar@fineqia.com
T.
+1 778 654 2324
FORWARD-LOOKING STATEMENTS
Some statements in
this release may contain forward-looking information (as defined
under applicable Canadian securities laws) ("forward-looking
statements"). All statements, other than of historical fact, that
address activities, events or developments that Fineqia (the
"Company") believes, expects or anticipates will or may occur in
the future (including, without limitation, statements regarding
potential acquisitions and financings) are forward-looking
statements. Forward-looking statements are generally identifiable
by use of the words "may", "will", "should", "continue", "expect",
"anticipate", "estimate", "believe", "intend", "plan" or "project"
or the negative of these words or other variations on these words
or comparable terminology. Forward-looking statements are subject
to a number of risks and uncertainties, many of which are beyond
the Company's ability to control or predict, that may cause the
actual results of the Company to differ materially from those
discussed in the forward-looking statements. Factors that could
cause actual results or events to differ materially from current
expectations include, among other things, without limitation, the
failure to obtain sufficient financing, and other risks disclosed
in the Company's public disclosure record on file with the relevant
securities regulatory authorities. Any forward-looking statement
speaks only as of the date on which it is made except as may be
required by applicable securities laws. The Company disclaims any
intent or obligation to update any forward-looking statement except
to the extent required by applicable securities laws.
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