Business
Gopher Protocol Closes Growth Financing; Financing Generates $1 Million in Capital
Gopher Protocol Closes Growth Financing; Financing Generates $1 Million in Capital.
About this update from Gbt Technologies Inc.
[{"type":"text","content":"\n\n ATLANTA, GA, Jan. 02, 2018 (GLOBE NEWSWIRE) -- Gopher Protocol, Inc. (OTCQB: GOPH) (\"Gopher\" and the \"Company\"), a company specializing in the creation of Internet of Things (IoT) and Artificial Intelligence enabled mobile technologies, announced a closing of the sale of common stock and a common stock purchase warrants, which generated $1 million in proceeds.  The details on the funding can be found in the Company’s Form 8-K from today.\n The financing is part of the Company’s strategy to reduce its dependence on convertible note financing and create a balance sheet that gives investors clarity regarding the number of shares outstanding and potential dilution caused by convertible note financing. The investor that participated in this financing previously loaned the Company capital in consideration of convertible notes. This financing included an equity raise generating gross proceeds of $1million and the conversion of previously issues convertible notes into common stock as well as commitment, under certain terms, for of an additional financing of $500,000 potentially bringing the total raise to 1.5 million. The additional capital was in exchange of restricted common shares and a leak-out agreement. This transaction represents $0.75 for restricted share.  “The Company is pleased to be on a great track financially, it should be a very positive signal to the market that a private accreditor investor has made the transition from being a lender to a long term equity investor” stated Greg Bauer, CEO. Gopher Protocol has made a concerted effort to de-lever its balance and add shareholder equity to the balance sheet. The Company enters 2018 with less debt, and $1 million available to fund its technology platform. About Gopher Protocol, Inc. Gopher Protocol, Inc. (OTCQB: GOPH) (“Gopher” and the \"Company\") (http://gopherprotocol.com/) is a development-stage company which consider itself Native IoT creator, developing  Internet of Things (IoT) and Artificial Intelligence enabled mobile technology. The Company has a portfolio of Intellectual Property that, when commercialized, will include smart microchips, mobile application software, and supporting cloud software.  The system contemplates the creation of a global network.  The core of the system wil...