NetCents Announces Closing of Over-Subscribed Private Placement
Vancouver, B.C., June 23, 2017 – NetCents Technology Inc. (“NetCents” or the “Company”) (CSE: NC) is pleased to announce the closing of its non-brokered private placement (the “Private Placement”) (see news release: June 7, 2017). Due to demand, the offering was increased from $700,000 to $1,156,624 gross proceeds.
The closing consisted of 3,304,640 Units (“Units”) at a price of $0.35 per Unit for gross proceeds of $1,156,624. Each Unit comprised of one common share of the Company (a “Share”) and one-half of one common share purchase warrant of the Company (“Warrant”). Each whole Warrant is exercisable into a common share of the Company at an exercise price of CDN$0.50.
In connection with the Private Placement, the Company paid finder’s fees and expenses of $81,321.95 and issued 232,348 warrants, each warrant exercisable at a price of $0.50 for a period of two years from the date of issue.
All securities distributed pursuant to the Private Placement are subject to a statutory hold period of four months and one day from closing.
The proceeds of this Private Placement are for the Company’s general working capital.
In accordance with the terms of the Company’s current stock option plan, the company has granted certain officers, directors, advisers of the company incentive stock options to purchase an aggregate of 600,000 common shares of NetCents Technology exercisable at a price of $0.35 for a period of 36 months.
NetCents is a next generation online payments processing platform, offering consumers and merchants online services for managing electronic payments. The Company is focused on capturing the migration from cash to digital currency by utilizing innovative Blockchain Technology to provide payment solutions that are simple to use, secure and worry free. NetCents works with its financial partners, mobile operators, exchanges, etc., to streamline the user experience of transacting online. NetCents Technology is integrated into the Automated Clearing House (“ACH”) and is registered as a Money Services Business (MSB) with FINTRAC, which ensures our consumer’s security and privacy. NetCents is available for deposits from 194 Countries around the World, providing you with the freedom to choose to Pay. Your Way.™
On Behalf of the Board of Directors
NetCents Technology Inc.
Clayton Moore, CEO, Founder and Director
NetCents Technology Inc.
Suite 1500, 885 West Georgia Street
Vancouver, British Columbia V6C 3E8
Cautionary Note Regarding Forward Looking Information
This release includes certain statements that may be deemed “forward-looking statements”. All statements in this release, other than statements of historical facts, that address events or developments that the Company expects to occur, are forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words “expects”, “plans”, “anticipates”, “believes”, “intends”, “estimates”, “projects”, “potential” and similar expressions, or that events or conditions “will”, “would”, “may”, “could” or “should” occur. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in the forward-looking statements. Factors that could cause the actual results to differ materially from those in forward-looking statements include regulatory actions, market prices, and continued availability of capital and financing, and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. Forward-looking statements are based on the beliefs, estimates and opinions of the Company’s management on the date the statements are made. Except as required by applicable securities laws, the Company undertakes no obligation to update these forward-looking statements in the event that management’s beliefs, estimates or opinions, or other factors, should change.