- On September 20, XTM announced plans to issue up to 15,000,000 units at a price of $0.40 per unit for gross proceeds of up to $6M
- The offering has been oversubscribed and increased in size
- Net proceeds will be used for general working capital and for strategic acquisitions
- XTM is a fintech company, global card issuer, payment specialist, and marketing solutions company
- XTM Inc. is down 1.27 per cent, trading at C$0.39 per share at 2:30 pm ET
XTM (PAID) is pleased to announce that its previously announced non-brokered private placement has been oversubscribed and increased in size.
The company initially planned to issue up to 15,000,000 units at a price of $0.40 per unit for proceeds of up to $6 million.
Each unit consists of one common share and one share purchase warrant exercisable for one additional share at a price of $0.65 for a period of 24 months after closing.
In the event that the volume-weighted average price (VWAP) of the common shares on the CSE or other recognized Canadian stock exchange is equal to or greater than $1.00 over a ten consecutive trading day period, XTM may accelerate the expiry of the warrants by issuing a press release. In such a case, the warrants will expire 30 days following the issuance of the press release.
Due to demand and the unexpected size of orders received to date, the company has closed its order book.
The offering is subject to the approval of the CSE. The securities issued will be subject to a four-month hold period under securities laws.
XTM anticipates that the net proceeds will be used for general working capital purposes and for strategic acquisitions.
The offering is expected to close on or about September 20, 2021.
Finders fees of up to 8 per cent in cash and 8 per cent in warrants may be payable.
XTM is a fintech innovator helping businesses and service workers in the hospitality and personal care space disseminate and access earned wages and gratuities. XTM’s Today™ Solution, comprised of a free mobile app and a Visa or Mastercard debit card with free banking features, is used by thousands of restaurants, salons and staff across Canada and the United States.
XTM Inc. is down 1.27 per cent, trading at C$0.39 per share at 2:30 pm ET.