VANCOUVER, British Columbia, Dec. 31, 2019 (GLOBE NEWSWIRE) — RevoluGROUP Canada Inc. (TSX-V: REVO) (“the Company”) announces a non-brokered private placement of up to 6,666,666 units at a price of $0.15 each, to raise gross proceeds of up to $1,000,000. Each unit will consist of one common share and one warrant (each, a “Warrant”) exercisable to purchase one additional common share at a price of $0.20 each for a period of one (1) year from the date of issuance. The lead order is for $500,000 from Steve Marshall who will subscribe for 3,333,333 million Units.
The Company intends to utilize the net proceeds from the private placement to expand its newly incorporated U.S subsidiary RevoluGROUP USA Inc., increase marketing of its revenue verticals in 2020 and, for general operating expenses. The private placement is subject to TSX Venture Exchange approval, and all securities are subject to a four-month-and-one-day hold period. Finder fees may be payable in connection with the private placement, all in accordance with the policies of the TSX Venture Exchange.About RevoluPAY®The Company’s flagship technology is RevoluPAY®, the Apple and Android multinational payment app. Built entirely in-house, RevoluPAY features proprietary, sector specific, technology of which, the resulting source code is the property of the Company. RevoluPAY’s built-in features include: Leisure payments, Travel Payments, Retail and Hospitality payments, Remittance Payments, Real Estate Payments, pay-as-you-go phone top-ups, Gift Cards & Online Credits, Utility Bill payments, etc. RevoluPAY is powered by blockchain protocols, and, is squarely aimed at the worldwide multi-billion dollar leisure sector and, + $595 billion family remittance market. RevoluPAY® is operated by the European wholly owned subsidiary RevoluPAY S.L located in Barcelona. RevoluPAY S.L operates under European E-money – Directive 2009/110/EC through a licensed electronic money institution or EDE Banking Licensed entity. RevoluGROUP Canada Inc. controls 5 wholly owned subsidiaries on 4 continents.About RevoluGROUP Canada Inc.:
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