Vancouver (pcJ News Briefs) – Mobetize Corp. (OTCQB: MPAY), a provider of mobile financial services (MFS) technology for the business to business (B2B) segment of the Fintech as a Service (FaaS) sector, has closed previously announced and fully subscribed private placement of 500,000 shares of Series B Preferred Stock at US $1.00 per share for gross proceeds of US $500,000.
The private placement was led by Richard and Jonathan Kalikow. Jonathan Kalikow is the President of Gamma Real Estate. Richard Kalikow is the CEO and Chairman of Gamma Real Estate and Chairman of Sandhills Bank. Sandhills Bank, owned by the Kalikow’s, was founded in 1959 as a community bank and is based in North Myrtle Beach, South Carolina.
Net proceeds will be used for working capital and general corporate purposes.
Mobetize will initiate the process of effecting a 1/100 consolidation of its common stock in accordance with the conditions of the lead investor agreement announced on March 29, 2017. The effective date of the consolidation will be further announced on notification to FINRA.
“We are thrilled to forge a long-term partnership with the Kalikow Family who share our vision. The closing of the offering will enable us to execute our business plan that includes expanding our relationship with the Kalikow’s to banking, customer relationships, financing opportunities, network reach and expertise in compliance and risk management,” said Ajay Hans, CEO.
photo credit: Mobetize