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VANCOUVER, Oct. 19, 2018 /CNW/ - NetCents Technology
Inc. ("NetCents" or the "Company") (CSE:
NC) is pleased to announce that further to the Company's news
releases dated August 28, 2018 and
September 7, 2018, it has closed its
previously announced private placement of discounted convertible
debt (the "Offering") for gross proceeds of $419,182 through the issuance of unsecured
convertible debentures (the "Debentures"). The principal
amount of the Debentures is $493,155,
which was sold at a 15% discount to the face value.
The principal amount of the Debenture is repayable in full (the
"Maturity Date") on the earlier of: (i) April 12, 2019 and (ii) the date the holder
elects to convert the Debenture into units. The Debentures bear
interest at a rate of 10% per annum, calculated daily and payable
on the Maturity Date. At any time prior to the Maturity Date, the
holder has the option to convert the principal amount of the
Debenture into units in the capital of the Company (the
"Units") at the conversion price of $1.08 per Unit. Each Unit will consist of
one common share of the Company (a "Share") and one common
share purchase warrant (a "Warrant"). Each Warrant will
entitle the holder to purchase one Share (a "Warrant Share")
at the exercise price of $1.08 per
Warrant Share until October 12, 2020.
The Debentures and the securities issuable upon the conversion of
the Debentures will be subject to a statutory hold period expiring
on February 13, 2019.
The proceeds of the Offering will be used by the Company to
provide general working capital.
About NetCents
NetCents is a next generation online payments processing
platform, offering consumers and merchants online services for
managing electronic payments. The Company is focused on capturing
the migration from cash to digital currency by utilizing innovative
Blockchain Technology to provide payment solutions that are simple
to use, secure and worry free. NetCents works with its financial
partners, mobile operators, exchanges, etc., to streamline the user
experience of transacting online.
NetCents Technology is integrated into the Automated Clearing
House ("ACH") and is registered as a Money Services Business (MSB)
with FINTRAC, which ensures our consumer's security and privacy.
NetCents is available for deposits from 194 Countries around the
World, providing you with the freedom to choose to Pay Your Way.
™
On Behalf of the Board of Directors
NetCents
Technology Inc.
"Clayton Moore"
Clayton
Moore, CEO, Founder and Director
Cautionary Note Regarding Forward Looking Information
This release includes certain statements that may be deemed
"forward-looking statements". All statements in this release, other
than statements of historical facts, that address events or
developments that the Company expects to occur, are forward-looking
statements. Forward-looking statements are statements that are not
historical facts and are generally, but not always, identified by
the words "expects", "plans", "anticipates", "believes", "intends",
"estimates", "projects", "potential" and similar expressions, or
that events or conditions "will", "would", "may", "could" or
"should" occur. Although the Company 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 may differ materially from
those in the forward-looking statements. Factors that could cause
the actual results to differ materially from those in
forward-looking statements include regulatory actions, market
prices, and continued availability of capital and financing, and
general economic, market or business conditions. Investors are
cautioned that any such statements are not guarantees of future
performance and actual results or developments may differ
materially from those projected in the forward-looking statements.
Forward-looking statements are based on the beliefs, estimates and
opinions of the Company's management on the date the statements are
made. Except as required by applicable securities laws, the Company
undertakes no obligation to update these forward-looking statements
in the event that management's beliefs, estimates or opinions, or
other factors, should change.
SOURCE NetCents Technology Inc.