Fineqia International Inc. (the “Company” or “Fineqia”) (Frankfurt: FNQA) is pleased to announce that the Company has arranged a non-brokered private placement (the “Private Placement”) of up to 400,000,000 units of the Company (“Units”) to be sold at a price of $0.01 per unit to raise gross proceeds of up to $4,000,000.
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Each Unit consists of one common share and one share purchase warrant exercisable for three years at $0.05 per share. The Company may, at its option, accelerate the expiry date, provided that closing price trades at or above $0.15 per share for any 20 consecutive trading day period at any time after four months and one day after the issuance of the warrant. Warrant holders will be notified by the issue of a press release by the Company announcing such acceleration. In such a situation, the expiry date shall be deemed to be the 20th day following the date of issuance of the press release.
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The proceeds from the private placement will be used to enhance the Company’s working capital as well as pare down debt. Fineqia also announces that, subject to regulatory approval, certain creditors have agreed to accept common shares of the Company for past consulting and other services provided to Fineqia totalling approx. $100,000 by the issuance of common shares at a deemed price of $0.05 per common share to insiders and $0.01 per common share to third parties.
These securities have not been and will not be registered under the United States securities act of 1933, as amended (the “1933 act”). Accordingly, these securities may not be offered or sold in the United States or to, or for the account or benefit of, a U.S. person or person in the United States (as such terms are defined in regulations under the 1933 act), absent an exemption from the registration requirements of the 1933 act and applicable state laws. This press release shall not constitute an offer to sell or the solicitation of an offer to buy securities in the United States or in any jurisdiction in which such offer, solicitation or sale would be unlawful.
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