Vancouver, BC, April 26, 2023 (GLOBE NEWSWIRE) -- RevoluGROUP Canada Inc. (TSX-V: REVO), (Frankfurt: IJA2), (Munich: A2PU92), (the "Company")
The Company reports today it has negotiated a non-brokered private placement of up to 43,000,000 units at a price of $0.29 each, to raise gross proceeds of up to $12,470,000 from strategic investor HBDIG Technologies GmbH, a company incorporated in Vienna, Austria, and regulated by the Financial Markets Authority of Austria (FMA). Each unit will consist of one common share and one warrant (each, a "Warrant") exercisable to purchase one additional common share at a price of $0.40 each for a period of one (1) year from the date of issuance.
The private placement is subject to TSX Venture Exchange approval, and all securities are subject to a four-month-and-one-day hold period. Finder fees may be payable in a combination of cash and/or warrants to UAE Based Financial Consultancy firm Resina Consulting FZ LLC headquartered in Fujairah, UAE in connection with the private placement, all in accordance with the policies of the TSX Venture Exchange.
Key Private Placement Allocations
Further to the news release dated November 25th, 2022, the Company intends to partially utilize the private placement proceeds to accomplish the Mutual Business Development Strategy by way of the comprehensive 2-year plan to initiate on the day of the closing of the present private placement. The Mutual Business Development Strategy agreement also grants HBDIG Technologies GmbH the provision of one board member. Further Development Strategy also seeks to initiate the speedy expansion of numerous financial sectors in which the Company already has an operational presence, including centralized compliance fulfillment of KYC ("Know Your Customer") and AML ("Anti Money Laundering") for all adjoined users. The Company intends to utilize the remaining net proceeds from the private placement for general operating expenses and working capital.
Equity Investment Recap
Today's news release is further to and updates all the Company's prior news releases regarding the quoted "Equity Investment" and "Investment Suitors" including, but not limited to, the 5th of January, 2023, MOU ("Memorandum of Understanding") and subsequent six addendums all in connection with the planned "share equity acquisition," up to and including the news release dated April 24, 2023.
About RevoluPAY®
The Company's flagship Neobanking technology is RevoluPAY®, the Apple and Android multinational payment app. Conceived entirely in-house, RevoluPAY features proprietary, sector-specific technology of which the resulting source code is the Company's intellectual property. RevoluPAY's built-in features include Remittance Payments, Forex, Crypto-to-fiat exchange, Retail and Hospitality payments, Real Estate Payments, pay-as-you-go phone top-ups, Gift Cards & Online Credits, Utility Bill payments, Gaming Credits, Leisure payments, Travel Payments, etc. RevoluPAY is aimed squarely at the worldwide multi-billion dollar Open Banking sector, cross-border forex payments, and + $595 billion family remittance market. RevoluPAY® is operated by the European wholly-owned subsidiary RevoluPAY EP S.L situated in Barcelona. RevoluPAY is a licensed United States MSB, Canadian FINTRAC, and European PSD2 payment institution 6900 under the auspices of E.U. Directive 2015/2366 with E.U. 27 Country Passporting and official issuer of Visa® Cards and authorized Visa® Affiliate Member. RevoluGROUP Canada Inc. controls five wholly-owned subsidiaries on four continents.
About RevoluGROUP Canada Inc.:
RevoluGROUP Canada Inc. is a multi-asset, multidivisional, publicly traded Canadian Company deploying advanced technologies in; Banking, Mobile Apps, Money Remittance, Cross-Border Forex Payments, Mobile Phone Top-Ups, EGaming, Healthcare Payments, Esports, Invoice factoring, Online Travel, Vacation Resort, Blockchain Systems, and Fintech app sectors. Click here to read more.
For further information on RevoluGROUP Canada Inc. (TSX-V: REVO), visit the Company's website at www.RevoluGROUP.com. The Company has approximately 193,585,376 shares issued and outstanding.
RevoluGROUP Canada, Inc.
"Steve Marshall"
______________________
STEVE MARSHALL
CEO
For further information, contact:
RevoluGROUP Canada Inc.
Telephone: (604) 332 5355
Email: info@revolugroup.com
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
This release includes certain statements that may be deemed to be "forward-looking statements". All statements in this release, other than statements of historical facts, that address events or developments that management of the Company expects, are forward-looking statements. Although management believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance, and actual results or developments may differ materially from those in the forward-looking statements. The Company undertakes no obligation to update these forward-looking statements if management's beliefs, estimates or opinions, or other factors, should change. Factors that could cause actual results to differ materially from those in forward-looking statements, include market prices, exploration and development successes, continued availability of capital and financing, and general economic, market or business conditions. Please see the public filings of the Company at www.sedar.com for further information.
