Chatham, ON (pcJ News Briefs) – SelectCore Ltd. (TSX-V: SCG) has closed previously announced non-brokered private placement of 13,333,330 units at a price of $0.15 per unit for gross proceeds of $1,999,999.55. All insiders and board members participated in this private placement.
Each unit will consist of one common share and one common share purchase warrant. Each warrant will entitle its holder to purchase one additional common share at an exercise price of $0.20 for a period of three years from the date of issuance of the units, subject to accelerated expiry.
Proceeds will be used for retirement of debt and ongoing working capital purposes.
Mohammad Abuleil, President and CEO of SelectCore, said “the demand for the PP was overwhelming. This is very gratifying as it is a clear validation of our corporate mandate to transform to a full suite FINTECH enterprise.”
Established in 1999, SelectCore is a prepaid financial services provider and program manager for under- banked and underserved markets. From prepaid mobile top-up to stored-value cards and remittance solutions, SelectCore services a market of millions of under-banked consumers through its technology platforms and extensive retail distribution network.