Today before the opening bell, IFAN Financial
announced that it is selling $1 million of its common stock and warrants in a
private placement agreement with an accredited investor. Taking place in
various stages, the investor has begun to fund the first tranche in the amount
of $150,000. The fifth and final tranche in the amount of $200,000 is expected
by February 9, 2015.
Pursuant to the agreement, the investor has agreed
to purchase approximately 3.7 million restricted common shares at a price of
$0.27 per share, and an equal amount of warrants that are exercisable until the
end of this year, at a price of $1 per warrant share. Together, the units
provide for possible total gross proceeds of approximately $4.7 million.
According to the press release issued this
morning, the company plans to use the proceeds of this private placement to
complete development of the IFAN technology platforms and to begin the
commercialization process.
For more information on IFAN Financial and its
mobile payment technologies, visit www.ifanfinancial.com
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