First Global Data completes $10M financing

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By CPE News

Toronto (pcJ News Briefs) – First Global Data (TSX-V: FGD; FSE: 1G5) has completed previously announced non-brokered private placement of 14,290,359 units at a price of $0.70 per unit for gross proceeds of $10,003,251.

Each unit is comprised of one common share and one common share purchase warrant entitling the holder thereof to purchase one common share at an exercise price of $0.90 per share until March 22, 2020, subject to accelerated expiry.

First Global Data intends to use a portion of to proceeds to accelerate its efforts to obtain the balance of its money service licenses in the USA. First Global currently has money service licenses in 21 States and has taken the requisite actions to obtaining licensing in the other 29 States.

“Obtaining money service licenses in the US is no easy task. Having the ability to transact in 50 States gives First Global a distinct advantage over many of our competitors. Accelerating obtaining the additional licenses has now become a top priority as we have recently been presented with a number of near term revenue rich opportunities,” said Andre Itwaru, First Global’s Chairman and CEO.

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