IFAN Financial (IFAN) Announces $1 Million Private Placement
JANUARY 2, 2015
SAN DIEGO, CA–(Marketwired – Jan 2, 2015) – IFAN Financial, Inc. (OTC: IFAN), a company engaged in the design, development and distribution of software to enable enhanced mobile payments, has entered into the sale of $1 million of its common stock and warrants in a private placement agreement with an accredited investor.
The agreement, dated December 2, 2014, provides for a staged private placement of common shares and warrants. The investor has begun to fund the first tranche in the amount of $150,000. The fifth and final tranche in the amount of $200,000 is to be paid by February 9, 2015.
Pursuant to the agreement, the investor has agreed to purchase 3,703,703 restricted common shares at a price of $0.27 per share, and an equal amount of warrants that are exercisable until December 31, 2015, at a price of $1 per warrant share. Together, the units provide for possible total gross proceeds of approximately $4.7 million.
The company intends to use the proceeds of this offering to complete development of the IFAN technology platforms and to begin the commercialization process.
About IFAN Financial, Inc.
IFAN Financial, Inc. and its wholly owned subsidiaries design, develop, and distribute software to enable mobile payments. These include the ability to use a debit card and corresponding PIN number while purchasing online on a mobile phone, tablet, or computer and peer-to-peer cash transfers. For more information, visit www.ifanfinancial.com.
This release contains statements that constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements appear in a number of places in this release and include all statements that are not statements of historical fact regarding the intent, belief or current expectations of IFAN Financial, Inc., its directors or its officers with respect to, among other things: (i) financing plans; (ii) trends affecting its financial condition or results of operations; (iii) growth strategy and operating strategy. The words “may,” “would,” “will,” “expect,” “estimate,” “can,” “believe,” “potential” and similar expressions and variations thereof are intended to identify forward-looking statements. Investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, many of which are beyond IFAN Financial, Inc.’s ability to control, and actual results may differ materially from those projected in the forward-looking statements as a result of various factors. More information about the potential factors that could affect the business and financial results is and will be included in IFAN Financial, Inc.’s filings with the Securities and Exchange Commission.
For More Information
Chief Financial Officer
IFAN Financial, Inc.
5694 Mission Center Road
San Diego, CA 92108-4312