Tech Stock News: UPCO
International Inc. (CSE: UPCO) (OTC: UCCPF) (Frankfurt: U06) Announces Closing
of Financing
Vancouver,
British Columbia - May 14, 2018 (Investorideas.com Newswire) Upco International
Inc. (CSE: UPCO) (Frankfurt: U06) ("UPCO") is pleased to
announce it has closed its previously announded private placement. Upco raised
$165,000 and issued 1,650,000 shares at 10 cents per share. All the shares
issued will have a 4 month hold.
As
the sole placee is a control person of Upco, the private placement constitutes
a related party transaction within the meaning of Multilateral Instrument
61-101 Protection of Minority Security Holders in Special Transactions
("MI 61-101"). Upco is relying on the exemptions contained in
sections 5.5(a) and section 5.7(1)(a) as the fair market value of the
participation in the private placement by the control person does not exceed 25
per cent of the market capitalization of Upco, as determined in accordance with
MI 61-101. Upco's board of directors and specifically the independent members
of the board carefully reviewed and approved the private placement
subscriptions by the control person. Upco did not file a material change report
in respect of the related party transaction at least 21 days before closing of
the private placement as the date of closing was not previously known.
About Upco
International Inc.
Upco International Inc. is a cloud-based mobile service
company which provides high-quality voice termination to a market driven by the
growing activity in online communications and commerce. Upco is a licensed
Global Telecom Carrier within the international VoIP (voice over IP) wholesale
business. Upco has designed a software application for Apple iOS and
Android, similar to SKYPE and WhatsApp. With
the forthcoming addition of the Upco E-Wallet using Blockchain Payment
Services, users will be able to: send
invoices, approve payments, transfer international funds, convert international
currencies, and track transfers and payments.
The application will also allow vendors to securely share account
information with their clients.
Please
visit www.upcointernational.com for further information.
ON
BEHALF OF THE BOARD OF DIRECTORS
Andrea
Pagani, CEO and Director
Forward-Looking
Statements
This press release contains forward-looking information
or forward-looking statements (collectively "forward- looking
information") within the meaning of applicable securities laws. Forward-
looking information is typically identified by words such as: “will” “may”
"believe", "expect", "anticipate",
"intend", "estimate", “development”, “forthcoming”,
"potentially" and similar expressions, or are those, which, by their
nature, refer to future events. Upco cautions investors that any
forward-looking information provided by Upco is not a guarantee of future
results or performance, and that actual results may differ materially from
those in forward-looking statements.
Upco International Inc. (CSE: UPCO)
is a featured company on Investorideas.com
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