QPAGOS announced that it has received $0.11 million in funding
January 26, 2017
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QPAGOS (OTCPK:QPAG) announced that it has entered into a securities purchase agreement for a private placement of a convertible promissory note at a price of $105,000 per note for gross proceeds of $105,000 with new accredited investor Labrys Fund, LP on January 27, 2017. The note carries a fixed coupon of 8% per annum and would mature on July 27, 2017. The note may not be prepaid in whole or in part. Any amount of principal or interest on this note which is not paid when due shall bear interest at the rate of 18% per annum from the due date. The note is convertible into shares of the company at a variable conversion price shall equal 60% multiplied by the average of the three lowest trading price during the previous 10 trading day period ending on the latest complete trading day prior to the conversion date. The company issued the note pursuant to exemption provided under Regulation D. The company will pay legal fees of $2,000 and a one-time non-refundable, non-accountable due diligence fees to $3,000. The company also issued 150,000 shares as commitment fee to the investor.
Innovative Payment Solutions, Inc. is a fintech provider of digital payment solutions and services to businesses and consumers, focusing on the needs of unbanked and underserved communities, particularly migrant communities in the United States. The Company is focused on operating and developing e-wallet mobile applications that enable consumers to deposit cash, convert it into a digital form, and remit the funds to Mexico and other countries quickly and securely. Its two e-wallet applications are IPSIPay and Beyond Wallet. Beyond Wallet is operational and is an institutional business-to-business product. The Companyâs IPSIPay App users can acquire VISA debit cards, as well as obtain a bank account at a major United States institution, enabling them to execute financial transactions through IPSIâs worldwide merchant network. The Companyâs IPSIPay Express provides merchants with a technology for payment processing that allows transactions, in real-time bank-to-bank account transfers.