- RevoluGROUP (REVO) closed its oversubscribed placement for gross proceeds of $2.18M
- The company issued 10.94M units at a price of 20 cents per unit
- The Company intends to utilize the funds to expand notable future revenue development goals
- RevoluGROUP is a multi-vertical fintech company, with its flagship Neobanking technology RevoluPAY®, the Apple and Android multinational payment app.
- RevoluGROUP is trading flat at 20.5 cents, at 2:26 PM EST
RevoluGROUP (REVO) closed its oversubscribed placement for gross proceeds of $2.18M.
The company issued 10.94M units at a price of 20 cents per unit.
Each unit consists of one common share and one common share purchase warrant. Each warrant entitles the holder to purchase one additional common share for a price of 40 cents for one year following the closing date.
The securities issued in connection with this private placement are subject to a four-month plus one-day hold period.
With the placement, the company will be able to increase the share capital of its wholly-owned subsidiary RevoluPAY EP S.L. by $1.27M to a total of $2.3M.
As per the last update, RevoluPAY is in final stage discussions with one of the top 4 worldwide card issuers boasting nearly 50 per cent of all credit cards in circulation in the U.S. and over 50 per cent in Europe.
Placement proceeds to expand notable future revenue development goals
RevoluGROUP intends to allocate ~$125K of the raised funds to advanced technology integration. The aim is to expand 2022 market penetration into North America via its locally domiciled subsidiaries in Vancouver, BC and Miami, FL.
The company expects to allocate ~$100k from the proceeds to conclude the development of RevoluTRANSFER – an online money transfer service that allows customers to send money abroad at low FX rates.
It also plans to launch key FOREX activities related to RevoluREALTY and worldwide foreign buyer property acquisitions.
RevoluGROUP will utilize the remaining funds to accelerate the launch of RevoluBET, RevoluMED, and RevoluESPORTS. This will increase white-label exposure of its current and upcoming revenue verticals in 2022.
RevoluGROUP is a multi-vertical fintech company. It is popular for its flagship Neobanking technology RevoluPAY®, the Apple and Android multinational payment app.
RevoluPAY employs blockchain protocols and is squarely aimed at the worldwide multi-billion dollar Open Banking sector and family remittance market.
RevoluGROUP is trading flat at 20.5 cents, at 2:26 PM EST.