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Freeport Capital Inc. (CNSX: FAS) Amendment to Debenture Conversion Terms, issuance of Warrants and conversion of debt
May 03, 2013 (02:05 PM EDT)
MONTREAL, May 3, 2013 /PRNewswire/ - Freeport Capital Inc. (the "Company") a leader on Mobile Credit and PIN Debit payment solutions, announces the following:
Amendment of terms sheets ("Debentures") conversion terms
On March 21st 2013, the Company extended the terms of the Debentures issued to Pierre McMaster, Antoine Clermont and partners (the "Investors").The issuances of the Debentures have been under review by the Autorité des Marchés Financiers ("AMF") since April 2012 and the conversion date was extended to thirty (30) days from the written approval of the AMF. The principal and accrued interest of the aforesaid debentures is set to be converted into common shares at a price of $0.25. The majority of the Investors and the board of directors of the Company have agreed that the accrued interest calculated until September 30, 2012 shall continue to be converted into common shares at a price of $0.25. The accrued interest from October 1st, 2012 ending on the date the AMF conveys its approval to convert the debentures shall be converted into common shares at a price of $ 0.81.
Issuance of Warrants
The Company announces that it shall issue 1,050,000 warrants at an exercise price of $1.499 expiring 18 months from issue. Said warrants shall be issued at a price of $0.001 per warrant.
Conversion of debt
The Company also announces that it shall convert consultant fees in the amount of $100,000.00 into common shares at a price of $0.81.
About Freeport Capital Inc.
Freeport Capital Inc. (CNSX: FAS) develops an Enterprise Ready Mobile Payment Platform for the leading OS's (IOS, Android, BB and Windows 7). The Corporation wholly owned subsidiary First Equity Strategy LLC markets itself with the DBA: HybridPay Tech. Visit www.hybridpaytech.com and click on our corporate video presentation http://www.youtube.com/watch?v=XvZHrck2eag&feature=youtu.be
The Canadian National Stock Exchange (CNSX) has not reviewed this news release and does not accept responsibility for its adequacy or accuracy. This news release does not constitute a solicitation to buy or sell any securities in the United States.
SOURCE Freeport Capital Inc.