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NetCents Technology closes its non-brokered C$2.5 million private placement

CEO Clayton Moore says the new offering is intended to boost the company’s ability to sign new merchants and partner integrations
NetCents is an online payment processing platform and transactional hub for cryptocurrency payments

NetCents Technology Inc (CSE:NC) (OTCMKTS:NTTCF) announced Wednesday that it has closed on a C$2.5 million non-brokered private placement following an overwhelming response from investors. 

NetCents Technology CEO Clayton Moore earlier said the company was raising the money to fund growth plans as the cryptocurrency market picks up steam.

The Vancouver-based company grew over 79% in May, nearly doubling its projected target, after seeing a 37% increase in April and a 44% increase in March.

READ: NetCents to raise C$2.5 million after beating growth targets during cryptocurrency revival

NetCents, an online payment processing platform and transactional hub for cryptocurrency payments, is benefitting from the resurgence of optimism surrounding cryptocurrency in recent weeks. Bitcoin, the leading cryptocurrency, ended was trading around US$11,351 on Wednesday after months of languishing around US$4,000.

Under the terms of the offering, the company is issuing 4,166,667 units for gross proceeds of C$2.5 million. Each unit consists of one share and one share purchase warrant priced at $0.70 with a three-year term.

The company said Friday in a statement that it is paying finder's fees to Echelon Wealth Partners on $200,000 of the gross proceeds. "Fees are 6% of $200,000 or, $12,000 with 6% warrants or 20,000 warrants," said the company.

Separately, NetCents installed Sonja Bakgaard as the company’s new investor relations manager. She brings over 10 years of experience with working with start-ups and large organizations in the blockchain, natural resources, finance and energy sector.

Throughout her career, Bakgaard has been responsible for driving investor relations, capital raises, project management, and business development as well as managing relationships with analysts, institutional fund managers, retail brokers, and high net worth investors.

"I look forward to growing with NetCents, a company that is leading the way in cryptocurrency payments" said Bakgaard in a statement.

—(Updates with finder's fees)—

Contact Uttara Choudhury at [email protected]

Follow her on Twitter: @UttaraProactive

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