Business
The FUTR Corporation Closes First Tranche of $6 Million Financing
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About this update from Futr Corporation
[{"type":"text","content":"The FUTR Corporation Closes First Tranche of $6 Million Financing\n\n\n .bwalignc { text-align: center; list-style-position: inside }\n \n\n\n\n /Not for distribution to U.S. news wire services or dissemination in the United States/\n \n\n\n\n\n The\n \n FUTR Corporation (TSXV: FTRC) (OTCQB: FTRCF) (“FUTR” or the “Company”), a consumer-centric platform for data valuation and monetization, is pleased to announce that it has closed $4.3 million of its previously announced $5.1 million non-brokered private placement. An additional tranche of $1.7 million will be closed on Friday, September 23\n \n rd\n \n bringing the total private placement amount to 20 million Units at $0.30 per Unit for aggregate proceeds of $6 million. PowerOne Capital Markets Limited acted as a finder in connection with a portion of the Offering.\n \n\n Each Unit is priced at $0.30 per Unit and consists of one common share and one-half warrant. A total of 14,481,963 Units were issued. Each Warrant is exercisable to acquire one Common Share at a price of $0.45 until December 31, 2027, unless the stock trades at $2.20 per share on a VWAP basis over a 10-day period at which point the Board may determine to accelerate the expiration date of the Warrants to 30 days following a press release announcing such.\n \n\n Net proceeds of the offering will be used for general working capital and growth initiatives, including potential acquisitions.\n \n\n FUTR President Alex McDougall said “We are pleased to announce the first closing of our fully subscribed for financing which sets the Company up for a very active year ahead. We will focus on advancing our personal data monetization platform. We are delighted by the continued support of FUTR’s vision by both our existing long-term and now new strategic shareholders of the Company.”\n \n\n Insiders of the Company, Michael Hilmer, Alex McDougall, Jay Graver and G Scott Paterson participated in the Financing for an aggregate amount of $270,000 representing 900,000 Units. Such participation is considered a related party transaction under Multilateral Instrument 61-101 -\n \n Protection of Minority Security Holders in Special Transactions\n \n (“MI 61-101”). In completing such transaction, the Company is relying on exemptions from the formal valuation and minority s...