SelectCore to raise up to $2M

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By CPE News

Chatham, ON (pcJ News Briefs) – SelectCore Ltd. (TSX-V: SCG) intends to close a non-brokered private placement of up to 13,333,333 units at a price of $0.15 per unit for gross proceeds of up to $2,000,000.

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 from the Offering will be used for retirement of debt and ongoing working capital purposes.

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.