#Blockchain Stock News: Upco International Inc. (CSE: $UPCO.C) (OTC: $UCCPF) (FSE: U06) Announces Closing of First Tranche of Financing
#Blockchain Stock News:
Upco International Inc. (CSE: $UPCO.C) (OTC: $UCCPF) (FSE: U06) Announces
Closing of First Tranche of Financing
Vancouver,
British Columbia - June 7, 2018 (Investorideas.com Newswire) Upco International
Inc. (CSE: UPCO) (Frankfurt: U06)
("UPCO") is pleased to announce it has closed the first tranche of
the previously announced financing to rasie up to $2.5 million at $0.20 per
share and issue up to 12,500,000 shares of the Company. Pursuant to the first
tranche, Upco has issued 8,212,500 shares at $0.20 per share for gross proceeds
of $1,642,500. The Proceeds will be used for general working capital. All the
shares issued will have a 4 month hold. Upco paid a finders fee of $56,175 in
cash and issued 200,625 finders warrants exercisable at $0.25 for a period of 2
years to Pinpoint Participations UG.
Coserfi
SRL is a control person of Upco and they invested $700,000 for 3,500,000
shares. The private placement constitutes a related party transaction within
the meaning of Multilateral Instrument 61-101 Protection of Minority Security
Holders in Special Transactions ("MI 61-101"). Upco is relying on the
exemptions contained in sections 5.5(a) and section 5.7(1)(a) as the fair
market value of the participation in the private placement by the control
person does not exceed 25 per cent of the market capitalization of Upco, as
determined in accordance with MI 61-101. Upco's board of directors and
specifically the independent members of the board carefully reviewed and
approved the private placement subscriptions by the control person. Upco did
not file a material change report in respect of the related party transaction
at least 21 days before closing of the private placement as the date of closing
was not previously known.
Upco
has issued 800,000 stock options exercisabale at $0.20 for five years to
consultant, offciers and advisors of the Company.
About Upco International Inc.
Upco International Inc. is a cloud-based mobile
service company which provides high-quality voice termination to a market
driven by the growing activity in online communications and commerce. Upco is a
licensed Global Telecom Carrier within the international VoIP (voice over IP)
wholesale business. Upco has designed a software application for Apple iOS and
Android, similar to SKYPE and WhatsApp. With the forthcoming addition of the
Upco E-Wallet using Blockchain Payment Services, users will be able to: send
invoices, approve payments, transfer international funds, convert international
currencies, and track transfers and payments.
ON BEHALF OF THE BOARD OF DIRECTORS
Andrea Pagani, CEO and President
office@upcointernational.com
+1 (212) 461 3676
Andrea Pagani, CEO and President
office@upcointernational.com
+1 (212) 461 3676
Forward-Looking Statements
This press release contains forward-looking
information or forward-looking statements (collectively "forward-looking
information") within the meaning of applicable securities laws.
Forward-looking information is typically identified by words such as:
"will" "may" "believe", "expect",
"anticipate", "intend", "estimate",
"development", "forthcoming", "potentially" and
similar expressions, or are those, which, by their nature, refer to future
events. Upco cautions investors that any forward-looking information provided
by Upco is not a guarantee of future results or performance.
Upco International Inc. (CSE: UPCO)
is a featured company on Investorideas.com
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