FINEQIA CLOSES THIRD TRANCHE OF PRIVATE PLACEMENT FOR TOTAL C$4.76 MLN TO DATE
Fineqia International Inc. (CSE: FNQ, OTC: FNQQF) announced the closing of the third tranche of its non-brokered private placement, raising C$431,856.90 through the issuance of 43,185,690 units. Cumulatively, the offering has garnered gross proceeds of C$4,756,105.90, following an increase in the offering size to C$5 million. Each unit consists of a common share and a warrant exercisable at C$0.05 for three years. The proceeds will enhance working capital, while units issued to directors are classified as related party transactions.
- Raised C$431,856.90 in the third tranche, contributing to total gross proceeds of C$4,756,105.90.
- Increased participation in private placement indicates strong shareholder confidence.
- Proceeds will enhance working capital, supporting growth plans.
- Issuance of units to directors classified as related party transactions, potentially raising concerns about conflicts of interest.
VANCOUVER, BC, Dec. 9, 2022 /PRNewswire/ - 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
On a cumulative basis, the Company has issued 499,725,810 units in the private placement to raise gross proceeds of C
"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
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
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.
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
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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SOURCE Fineqia International Inc.
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