Local company gets expansion funding Jacksonville Business Journal
FNDS3000 Corp., an international prepaid processing company, has inked a $2.5 million non-brokered equity financing agreement designed to allow the company to ramp up its South African operation.
The Jacksonville-based company (OTC Bulletin Board: FDTC) closed the first tranche of $1 million Oct. 19. The other three financings of $500,000 each are scheduled to close around January, April and July 2011.
The terms of the initial $1 million financing provided for the sale of 5,714,286 restricted shares of FNDS3000’s common stock to investors at a price of 18 cents per share; and the issuance of a two-year warrant to purchase up to 5,714,286 restricted shares of common stock at an exercise price of 18 cents per share.
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