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Gopher Protocol Proudly Announces Closing of Growth Financing
Gopher Protocol Proudly Announces Closing of Growth Financing.
About this update from Gbt Technologies Inc.
[{"type":"text","content":"Eliminates All Derivatives DebtsATLANTA, GA / ACCESSWIRE / March 8, 2018 / 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 a convertible debenture containing a fixed conversion price, which generated $750,000 in gross proceeds. The details on the funding can be found in the Company's Form 8-K - https://www.sec.gov/Archives/edgar/data/1471781/000161577418001621/s109251_8k.htm.The financing is part of the Company's strategy to reduce its dependence on derivative convertible financing and create a balance sheet that gives investors clarity regarding the number of shares outstanding and potential dilution caused by convertible debenture financing. The investor that participated in this financing may, in its sole discretion, provide additional funding to the Company at similar terms of the current funding.As previously announced on January 2, 2018 (https://finance.yahoo.com/news/gopher-protocol-closes-growth-financing-140000380.html), an investor, that had previously acquired convertible debt from the Company, invested $1 million in a common equity financing and agreed to potentially purchase an additional $500,000 in its discretion, potentially bringing the total investment to $1.5 million.\"The Company is pleased to be on a great track financially, it should be a very positive signal to the market that in January 2018, a private accreditor investor made the transition from being a lender to an equity investor,\" stated Greg Bauer, CEO. \"We believe the closing of the current convertible debenture with a fixed conversion price supports the notion that the investment community agrees that Gopher is on the right track, going forward,\" added Greg Bauer, CEO.Gopher Protocol has made a concerted effort to de-lever its balance and add shareholder equity to the balance sheet. As reported on its most recent Form 8-K, the Company continues to improve its financial outlook by eliminating all derivative liabilities by paying off its reaming derivative liability on March 5, 2018.Along with the recently announced growth capital financing, the Company is positioned to pursue growth and fund the rollout of its new technologies. The de-levering is part of the Company's s...