IFAN Financial, a designer, developer and distributer of
software to enable mobile payments, has closed a $2.5 million funding agreement
with New York-based Sea Otter Global Ventures, LLC, enabling the company to
move forward with its expansion strategy and commercialize its proprietary
payment platform.
“We are very pleased to have secured this financing facility
with Sea Otter. The funding will allow us to execute our business plan and
begin commercialization of the proprietary IFAN payment gateway. It also
provides immediate, non-dilutive capital during this phase while we are
building awareness of the company,” IFAN president and CEO J. Christopher Mizer
stated in the news release.
The financing is comprised of two parts: a $500,000 secured
promissory note and a $2 million equity line of credit. The equity line of
credit commits Sea Otter to purchase up to $2 million of IFAN common stock
following the effectiveness of the soon-to-be-filed S-1 over the next 18
months. In addition, IFAN will issue to Sea Otter 500,000 warrants to purchase
one share of common stock per warrant. These warrants are exercisable for 36
months after issuance. The exercise price of 250,000 of the warrants has been
set at $0.50, and the exercise price of the other 250,000 has been set at $1.
Jonathan Juchno, director of Sea Otter stated, “We are
excited about our investment in IFAN Financial. We believe that the mobile
payments world needs improvement and innovation. We are impressed with the
technology and confident that management can execute on its business strategy.
We expect great things from IFAN.”
IFAN was recently selected to provide its cutting-edge
mobile payments solutions to digital branding agency Blue Like Neon. IFAN’s
mobile gateway will enhance Blue Like Neon’s multi-pronged market enhancement
strategy by providing the company with a social commerce platform that may be
customized for each client’s unique needs.
Today’s announced financing agreement positions IFAN to
further its collaboration with Blue Like Neon while seeking out similar
partnerships.
“Sea Otter’s funding will allow us to develop our
relationship with Blue Like Neon and to pursue other, similar partnerships
concurrently with the product launch. With our financial concerns settled for
the next several quarters, we can now focus on building our business,” Mizer
stated.
For more information, visit http://ifanfinancial.com
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