Upco International Inc. Announces Closing of Convertible Debenture Financing
Vancouver, BC, June 4, 2019, Upco International Inc. (CSE: UPCO) (OTCQB: UCCPF) (FSE: U06) (“Upco”) is pleased to announce it has closed a Convertible Debenture Financing and raised $288,750.
Upco has issued 55 convertible debentures representing a subscription price of Cdn. $5,250.00 per Convertible Debenture. The Convertible Debentures will be dated as of their date of issue and will mature on the date which is five (5) years from such date (“Maturity”) and bear interest from their date of issue at 5% per annum.
The Convertible Debentures will be convertible at the holder’s option into fully paid and non-assessable common shares in the capital of Upco at a base conversion price of $ Cdn. 0.35 per Share, being a rate of 15,000 Shares for each $ Cdn. 5,250 principal amount of Convertible Debentures. The convertible debentures will convert into shares at the request of Upco if the closing price of Upco’s shares has been equal to or greater than $Cdn. 0.50 per common share for a period of thirty (30) consecutive trading day. The company intends to use the net proceeds from the Debentures to fund additional project development, branding and marketing initiatives, as well as ongoing working capital and general corporate purposes.
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. The application will also allow vendors to securely share account information with their clients.
ON BEHALF OF THE BOARD OF DIRECTORS
Andrea Pagani, CEO and Director
212 461 3676
Neither the Canadian Securities Exchange nor its regulation services provider has reviewed or accepted responsibility for the adequacy or accuracy of the content of this news release.
Except for the statements of historical fact, the information contained herein is of a forward-looking nature. Such forward-looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievement of the Company to be materially different from any future results, performance or achievements expressed or implied by statements containing forward-looking information. Such factors include continued availability of capital and financing and general economic, market or business conditions.
Although the Company has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that statements containing forward-looking information will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on statements containing forward-looking information. Readers should review the risk factors set out in the Company’s Filing Statement as filed on SEDAR.
You Might Also Like
August 12, 2017