Marble Financial Inc said it has closed the first tranche of its previously-announced, non-brokered private placement, raising gross proceeds of C$1,381,800 by issuing 10,629,232 company units at a price of $0.13 per unit.
Marble also reported that it intends to upsize the offering to raise gross proceeds of up to C$2 million by issuing up to 15,384,615 company units at a price of $0.13 per unit.
Marble said net proceeds received from the offering are intended to be used to help fund sales and marketing programs for Marble Connect, further development and launch of Credit Beacon and Credit Meds on the MyMarble platform, development and launch of the MyMarble Mobile App, expansion of the MyMarble Platform through its existing partnership agreements in the US market, and for general working capital and corporate purposes.
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As well, the company noted that certain Marble Financial insiders participated in the first tranche of the offering, purchasing a total of two million units, representing about 19% of the total number of units issued.
Each unit of the offering will be comprised of one company common share plus one half of one common share purchase warrant, with each whole warrant entitling the holder to acquire one common share at a price of $0.15 per share for a period of 12 months from the closing date of this first tranche offering.
The units, including the underlying securities, will be subject to a hold period of four months plus one day following the closing of the offering.
The company added that it may pay certain finder's fees in connection with the offering, subject to compliance with applicable securities laws and the rules and regulations of the Canadian Stock Exchange.
Marble Financial's proprietary MyMarble platform utilizes the power of machine learning, data science, and artificial intelligence, in leveraging its proven data-driven strategies through technology solutions Connect, Inverite, MyMarble (formerly Score-Up), Fast Track, Maestro and Boost to engage in and navigate a clear path towards financial wellbeing and a meaningful credit score.
Contact Sean at sean@proactiveinvestors.com