Vancouver, BC – RevoluGROUP Canada Inc. (TSX-V: REVO), (Frankfurt: IJA2), (Munich: A2PU92), (the "Company") is pleased to announce that the TSX-V has approved the extension of the expiry dates of a total of 10,939,100 share purchase warrants (the "Warrants"), by six months to August 18, 2023 (the "Warrant Extension"). The Warrants were issued pursuant to a private placement which closed on February 18th, 2022. Each Warrant entitles the holder thereof to acquire one common share of the Company at a price of $0.40 per common share, and all other terms of the Warrants, including exercise price, will remain the same.
A total of 5,500,000 Warrants are held by parties considered "related parties" of the Company. Therefore, the amendment of Warrants constitutes a "related party transaction" as contemplated by Multilateral Instrument 61-101 Protection of Minority Shareholders in Special Transactions and TSXV Policy 5.9 – Protection of Minority Shareholders in Special Transactions. However, the exemptions from the formal valuation and minority approval requirements provided by these guidelines have been relied upon as the fair market value of the Warrants held by insiders does not exceed 25% of the Company's market capitalization.
RevoluSEND Adds Haiti Now Serving 134 Countries
The Company is pleased to announce that RevoluSEND now includes Haiti, extending the Company's financial reach to 134 countries. Haitian remittances reached US$ 3.1 billion in 2022. For every US$ 10 remitted back to Haiti in 2022, at least US$ $8 came from the United States. The Company has concluded the technical integration of Haiti into its platforms and those of white-label partners.
Current Status of the Equity Investment
The Company continues working diligently toward an expedient favorable conclusion to the pending potential share equity acquisition by a European Financially Regulated entity allied to a UAE Based Financial Consultancy firm. Management will ensure shareholders remain closely informed of the ongoing progress and developments.
Links Used in this News Release
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 192,356,376 shares issued and outstanding.
RevoluGROUP Canada, Inc.
For further information, contact:
RevoluGROUP Canada Inc.
Telephone: (604) 332 5355
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.