Clip Money Inc. Announces Debt and Equity Financings totalling US$11,000,000 with a lead Strategic Investor
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TORONTO, Sept. 11, 2023 (GLOBE NEWSWIRE) -- Clip Money Inc. (TSX-V: CLIP) (OTCQB: CLPMF) (“Clip Money” or the “Company”), a company that operates a multi-bank self-service deposit system for businesses, is pleased to announce a non-brokered private placement of common shares in the capital of the Company (the “Common Shares ”) at a price of CDN
The secured convertible notes issued under the Convertible Notes Financing (the “Convertible Note”) will be due and payable on the date that is 60 months from the date of issuance (the “Maturity Date”) and will accrue simple interest at a rate of
Closing of the Equity Financing and the Convertible Notes Financing is subject to Clip Money obtaining all necessary corporate and regulatory approvals, including approval of the TSXV, as well as shareholder consent. All securities to be issued in connection with the Equity Financing and the Convertible Notes Financing will be subject to a statutory hold period of four months plus a day from the date of issuance in accordance with applicable securities legislation in Canada. Following completion of the Financings, the Investor will be a Control Person of the Company (as such term is defined in the policies of the TSXV).
The Company intends to use the net proceeds from Equity Financing and the Convertible Notes Financing for general corporate and working capital purposes. Both the Equity Financing and the Convertible Notes Financing are expected to close before the end of the month.
"We are excited to announce a strategic collaboration with an industry leader. This partnership encompasses a substantial investment, marking the largest to date for Clip, along with a strategic commercial agreement poised to significantly enhance our company's distribution and product portfolio. We’re looking forward to sharing more after this transaction closes later this month.”
Joseph Arrage, Chief Executive Officer
About Clip Money Inc.
Clip Money operates a multi-bank self-service deposit system for businesses through its ClipDrop Boxes that gives users the capability of making deposits outside of their bank branch at top retailers and shopping malls. Rather than having to go to their personal bank branch or using a cash pickup service, businesses can deposit their cash at any ClipDrop Box located near them. After being deposited, the funds will automatically be credited to the business’ bank account, usually within one business day. The Company combines functional hardware, an intuitive mobile app and an innovative cloud-based transaction engine that maximizes business banking transactions. Combined with mobile user applications, Clip Money offers a cost-effective and convenient solution for business banking deposits in metropolitan statistical areas across Canada and the United States. For more information about the Company, visit www.clipmoney.com.
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.
For further information, please contact:
Joseph Arrage
Chief Executive Officer
tel: 844-593-2547