Fineqia Upsizes Non-brokered Private Placement and Closes First Tranche

Rhea-AI Summary

On August 4, 2022, Fineqia International Inc. (CSE: FNQ, OTC: FNQQF) announced an increase in its non-brokered private placement from 400 million units to 500 million units at C$0.01 each, aiming to raise up to C$5 million. Following this, the company completed the first tranche, issuing 34.5 million units to raise C$345,000. Each unit consists of one common share and one warrant, exercisable at C$0.05 for three years. Proceeds will enhance working capital and reduce debt. The offering remains subject to regulatory approval.

Positive

• Increased private placement size from 400 million to 500 million units.
• Successfully closed the first tranche, raising C$345,000.

Negative

• None.

VANCOUVER, BC, Aug. 4, 2022 /PRNewswire/ - Fineqia International Inc. (the "Company" or "Fineqia") (CSE: FNQ) (OTC: FNQQF) (Frankfurt: FNQA) announces that due to investor demand, it has increased the size of its non-brokered private placement (the "Offering") previously announced on December 9, 2021, from 400,000,000 units of the Company ("Units") at a price of C$0.01 per Unit to raise gross proceeds of C$4 million, to up to 500,000,000 Units at a price of C$0.01 per Unit to raise gross proceeds of up to C$5 million, subject to regulatory approval. The other terms of the Offering remain unchanged.

The Company also announces that it has closed the first tranche of the Offering (the "First Tranche") and has issued 34,500,000 Units to raise gross proceeds of C$345,000.

Each Unit sold or to be sold in the Offering 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 proceeds from the Offering will be used to enhance the Company's working capital as well as pare down debt.

These 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.

ON BEHALF OF THE BOARD

Bundeep Singh Rangar
CEO and Director

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.

For further information:
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

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SOURCE Fineqia International Inc.

FAQ

What is the latest news from Fineqia International Inc. regarding its private placement?

Fineqia has increased its private placement from 400 million to 500 million units, raising up to C$5 million.

What are the key financial details of Fineqia's first tranche offering?

The first tranche raised C$345,000 by issuing 34.5 million units.

What will the proceeds from Fineqia's private placement be used for?

Proceeds will enhance working capital and reduce debt.

What are the terms of the units being offered by Fineqia?

Each unit consists of one common share and one warrant, exercisable at C$0.05 for three years.

When was the increase in Fineqia's private placement announced?

The increase was announced on August 4, 2022.