|By Marketwired .||
|December 27, 2012 12:51 PM EST||
TORONTO, ONTARIO -- (Marketwire) -- 12/27/12 -- First Global Data Limited (TSX VENTURE:FGD) (the "Corporation") is pleased to announce that it has agreed to the issuance of Series "A" 10% senior secured non-brokered debentures (the "Debentures") in the aggregate principal amount of $8 million.
The Corporation intends to use the net proceeds from the Debentures for acquisitions, to increase the reserve fund requirements (in the money remittance business known as the "float"), and working capital.
The Debentures will be issued to an institutional investor (the "Investor") and will bear interest at 10% per annum, payable quarterly. The term of the Debenture shall be 24 months with an option to extend for an additional term of 24 months, at the discretion of the Investor. The Debenture shall be secured against all of the assets of the Corporation. The Corporation has agreed to issue 6,153,846 bonus shares in accordance with allowable discount as provided by the TSX Venture Exchange based on the closing price on December 21, 2012.
The Investor will be entitled to nominate one (1) individual to the Corporation's Board of Directors provided that the Debentures remains outstanding or the Investor is, directly or indirectly, the registered and/or beneficial owner of an aggregate of 5% or more of the issued and outstanding common shares of the Corporation.
"This funding is significant as it positions us well to execute our growth objectives for 2013," said Andre Itwaru, President and CEO of the Corporation.
Closing is scheduled for December 31, 2012 or such other day that the Investor and the Corporation may agree.
A combined structuring, advisory and finder's fee equal to 6% will be paid to an arm's length party.
About First Global
The Corporation, through its wholly owned subsidiary, First Global Data Corporation, is in the business of international money remittances, mobile payments as well as mobile financial services technology.
Its current consumer-to-consumer money transfer services are offered under the brand name Remitx(TM). Remitx(TM) enables cross border remittance service for securely sending money from one country to a beneficiary in another country. This service fulfils financial regulatory and legislative compliance guidelines. Remitx(TM) can also be used domestically to send money to a beneficiary.
The Corporation's primary customer base is expatriates and migrant workers in Canada and the United States who remit money to their countries of origin. Individuals without traditional banking relationships, traditional bank customers in need of emergency money transfer services and tourists without local bank accounts is the other source of customers for the Corporation.
The Corporation currently accepts funds only from customers in Canada and the United States, which funds are accepted at physical locations (either as cash or via point of sale devices (POS)) as well as online services via electronic funds transfer and chequing. The Corporation's electronic transaction infrastructure extends to approximately 49 countries worldwide via its third party agent and partner network.
This press release contains statements that may constitute forward-looking statements within the meaning of applicable Canadian securities legislation. These forward-looking statements are based on assumptions, uncertainties and management's best estimates of future events relating to business strategy, plans and other expectations, beliefs, goals, objectives, information and statements about possible future events. Readers are cautioned not to place undue reliance on such forward looking statements as actual results may differ materially from those currently anticipated. Investors are cautioned that such forward-looking statements involve risks and uncertainties. Important factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements are detailed from time to time in the Corporation's periodic reports filed with the Ontario Securities Commission and other regulatory authorities. The Corporation has no intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Our disclosure material is filed at www.sedar.com.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
First Global Data Limited
Chief Executive Officer and President
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