NetCents Technology Inc (CSE:NC) (OTCMKTS:NTTCF), the cryptocurrency payments group, said Monday that it has arranged a non-brokered private placement for up to $1-million.
In a statement, the Vancouver-based company said that following the offering, if fully subscribed, the company will issue 3,571,429 units at a Canadian Securities Exchange "price protected" rate of $0.28 per unit, for gross proceeds of $1 million.
READ: NetCents Technology launches daily settlements for enterprise clients
Each unit consists of one share and one common share purchase warrant. Each warrant entitles the holder to acquire one share at an exercise price of $0.70 for a period of 24 months from the closing date of the offering.
The proceeds of the private placement are for the company's general working capital. In connection with the offering, NetCents may pay a finder's fee.
NetCents has developed a blockchain platform which appeals to merchants and consumers looking for a better way to transact online with cryptocurrency. Its technology allows merchants and firms to accept cryptocurrency payments from customers by providing them — the recipients — with instant settlements.
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