Marble Financial Inc said it has closed its previously announced non-brokered private placement. In connection with the closing of the second tranche of the offering, the company issued 4,755,384 units at a price of $0.13 per unit for gross proceeds of $618,200. The company paid a total of 122,780 finders' units to certain finders.
The Vancouver, British Columbia-based company said that the cumulative total gross proceeds raised in the private placement were $2,000,000.
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Marble Financial further noted that the net proceeds received by the company 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; and development and launch of the MyMarble Mobile App.
The proceeds will also be used for expansion of the MyMarble Platform through its existing partnership agreements in the USA market, and general working capital and corporate purposes.
Each unit will be comprised of one common share of the company and 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 common share for a period of 12 months from the closing date.
In connection to the second tranche, certain insiders of the company participated in the offering by purchasing a totall of 435,000 units, representing about 9% of the total number of units issued.
The company said the portion of such participation by the insiders constitutes a "related party transaction" within the meaning of the policies of the CSE and Multilateral Instrument 61-101-Protection of Minority Security Holders in Special Transactions.
Marble'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.
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