NetCents Completes Unsecured Convertible Debenture Financing
NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
Vancouver, B.C., October 19, 2018 – NetCents Technology Inc. (“NetCents” or the “Company”) (CSE: NC) is pleased to announce that further to the Company’s news releases dated August 28, 2018 and September 7, 2018, it has closed its previously announced private placement of discounted convertible debt (the “Offering”) for gross proceeds of $419,182 through the issuance of unsecured convertible debentures (the “Debentures”). The principal amount of the Debentures is $493,155, which was sold at a 15% discount to the face value.
The principal amount of the Debenture is repayable in full (the “Maturity Date”) on the earlier of: (i) April 12, 2019 and (ii) the date the holder elects to convert the Debenture into units. The Debentures bear interest at a rate of 10% per annum, calculated daily and payable on the Maturity Date. At any time prior to the Maturity Date, the holder has the option to convert the principal amount of the Debenture into units in the capital of the Company (the “Units”) at the conversion price of $1.08 per Unit. Each Unit will consist of one common share of the Company (a “Share”) and one common share purchase warrant (a “Warrant”). Each Warrant will entitle the holder to purchase one Share (a “Warrant Share”) at the exercise price of $1.08 per Warrant Share until October 12, 2020. The Debentures and the securities issuable upon the conversion of the Debentures will be subject to a statutory hold period expiring on February 13, 2019.
The proceeds of the Offering will be used by the Company to provide general working capital.
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
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.
SOURCE NetCents Technology Inc.
For further information: please visit the corporate website at www.net-cents.com or contact Gord Jessop, President: email@example.com