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Midpoint Holdings extends C$500K financing by 30 days

Friday, February 10, 2017 13:33
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Midpoint Holdings Ltd. (CVE:MPT) has extended, for a period of 30 days, its proposed private placement for up to an aggregate of C$500,000.

The peer-to-peer foreign exchange and international payments platform company plans to issue up to an aggregate of 10mln units of the company at proposed subscription price of five cents per unit, with each unit comprising one common share and one-half of one common share purchase warrant in the capital of the company.

Each whole warrant will entitle the holder thereof to purchase one additional common share of the company for a period of 24 months from the closing of the private placement at an exercise price of 20 cents per warrant common share.

That’s provided, however, that if at any time after the date that is more than four months and one day following the closing of the private placement the common shares trade on a stock exchange at a volume-weighted average trading price of 50 cents or greater per common share for a period of 20 consecutive trading days, the company may accelerate the expiry date of the warrants by giving notice to the holders thereof and in such case the warrants will expire on the 30th day after the date on which such notice is given by the company.

The proceeds of the proposed private placement will be used for the company’s general corporate and working capital purposes.

The common shares and the warrants comprising the units to be issued in connection with the completion of the private placement will be subject to a hold period of four months and a day from the date of issuance in each instance.

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