- Mobi724 Global Solutions Inc. (MOS) has converted $633,915 of debt to common shares
- The company issued approximately 25.3 million common shares at a price of $0.025
- This conversion covers $570,915 owed to related parties
- Mobi724 is a fintech company that allows banks and merchants to offer their customers real-time payment card-linked incentives
- Mobi724 Global Solutions Inc. (MOS) is unchanged, trading at $0.01 per share as of 2:28 p.m. EST
Fintech company, Mobi724 Global Solutions (MOS), has converted $633,915 of debt to common shares.
The company issued approximately 25.3 million common shares at a price of $0.025. This conversion covers $570,915 owed to related parties. The shares for debt transaction was defined as a related party transaction.
Earlier this month, Mobi724 sought approval from the TSX Venture Exchange for this debt conversion which was made up of the interest of a loan in the amount of $218,540, an $300,000 unpaid salary owed to an executive officer since January 2017, $52,375 in fees payable to board members, and other consulting fees worth $63,000.
Alongside the earlier announcement, Mobi724 also shared it began a private placement offering of its common shares and an unsecured convertible debenture to raise $1.5 million. The offering is still ongoing.
Mobi724 is a fintech company that allows banks and merchants to offer their customers real-time payment card-linked incentives. The company aims to add a layer of AI-driven intelligence to every payment transaction to help generate commercial opportunities for its clients.
Mobi724 Global Solutions Inc. (MOS) is unchanged, trading at $0.01 per share as of 2:28 p.m. EST.