Vancouver, BC – RevoluGROUP Canada Inc. (TSX-V: REVO ), (Frankfurt: IJA2 ) (“the Company”) is pleased to announce that the Company oversubscribed from CDN$2,000,000 to CDN$2,187,820 and closed the non-brokered private placement consisting of 10,939,100 units (“Units”) at a purchase price of CDN$0.20 per Unit and raised gross proceeds of CDN$2,187,820. Each Unit consists of one common share (“Common Share”) of the Company and one common share purchase warrant (“Warrant”). Each Warrant will entitle the holder to acquire one additional common share (a “Warrant Share”) of the Company at an exercise price of CDN$0.40 for a period of one year from the closing date of the private placement. The expiry of the Warrants may be accelerated at the sole discretion of the Company by written notice if the closing price for the Common Share on the TSX Venture Exchange shall be equal to or greater than CAD $0.44 for a minimum of ten (10) consecutive trading days.
The Company paid finder fees totaling CDN$11,284 and issued 56,420 finder warrants to arm’s-length parties. Each finder warrant is exercisable at a price of CDN$0.40 per share for a period of one year from the closing date of the private placement and is subject to identical acceleration terms cited previously.
All securities issued in conjunction with this private placement are subject to a hold period expiring four months plus a day after the date of their issuance.
The Company intends to utilize the net proceeds from the private placement to expand notable future revenue development goals requiring investment via the cited proceeds include, but are not limited to, strategic sectors for Q1 and Q2 of 2022 and beyond.
Principally, said proceeds are destined to increase wholly-owned subsidiary RevoluPAY EP S.L. share capital by 880,000 euros (approx. 1.27 million $CA) to a total of 1,615,000 Euros (approx. 2,336,726 $CA), unanimously voted on the 28th of December 2021 by executive management. As per news dated 22 November 2021 , RevoluPAY EP S.L. is in final stage discussions with one of the top 4 worldwide card issuers boasting nearly 50% of all credit cards in circulation in the U.S. and over 50% in Europe. The RevoluPAY EP S.L. share capital increase aligns the subsidiary with the paid-up share capital recommended by the top 4 worldwide card issuer to expedite ultimate granting of the affiliate member status sought.
The Company also intends to allocate approximately 125,000 $CA from the proceeds to advanced technology integration specifically associated with the continued deployment of the United States MSB II license and the analogous Canadian FINTRAC license to expand 2022 market penetration into North America via its locally domiciled subsidiaries in Vancouver, BC and Miami, FL.
The Company anticipates allocating approximately 100,000 $CA from the proceeds to conclude the development of RevoluTRANSFER, a key white-label catalyst, and ultimately launch key FOREX activities related to RevoluREALTY and worldwide foreign buyer property acquisitions.
The Company expects to utilize the remaining net proceeds from the private placement to accelerate the launch of RevoluBET, RevoluMED, and RevoluESPORTS, increasing white-label exposure of its current and upcoming revenue verticals in 2022 and for general operating expenses.
A portion of the Private Placement constitutes a “related party transaction” within the meaning of Exchange Policy 5.9 and Multilateral Instrument 61‑101 ‑Protection of Minority Security Holders in Special Transactions (“MI 61‑101”) adopted in the Policy. The Company has relied on exemptions from the formal valuation and minority shareholder approval requirements of MI 61‑101 contained in sections 5.5(a) and 5.7(1)(a) of MI 61‑101 in respect of related party participation in the Private Placement.
Links Used in this News Release.
RevoluREALTY - https://revolurealty.com/
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, Leisure payments, Travel Payments, etc. RevoluPAY employs blockchain protocols and is squarely aimed at the worldwide multi-billion dollar Open Banking sector 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 EU Passporting. 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, 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 175,480,592 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.