Banking Business: FNDS3000 Inks Equity Financing
FNDS3000 Corp. (OTCBB: FDTC), an international prepaid processing company currently introducing electronic payment solutions to the South African market, said it has signed a $2.5 million non-brokered equity financing agreement that is intended to be closed in four tranches over a nine month period.
According to the company, the first tranche of $1 million was closed on October 19, 2010; the three follow-on financings, equal to $500,000 each, are scheduled to occur on or about January 31, 2011, April 1, 2011 and July 1, 2011.
The financing was led by Sherington Holdings, LLC, a private investment firm, with participation by other current accredited shareholders of FNDS3000. Raymond Goldsmith, Chairman and CEO of FNDS3000, also serves as chairman and CEO of Sherington Holdings, LLC.
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