Tech News: Gopher Protocol
(OTCQB: $GOPH) Announces Follow-On Financing with Existing Investor
ATLANTA,
GA - April 16, 2018 (Investorideas.com Newswire)
Gopher Protocol Inc. (OTCQB: GOPH)
("Gopher" and the "Company"), a company specializing in the
creation of Internet of Things (IoT) and Artificial Intelligence enabled mobile
technologies, announced a closing of the sale of a convertible debenture
containing a fixed conversion price, which generated $750,000 in net proceeds.
The details on the funding can be found in the Company's Form 8-K – https://www.sec.gov/Archives/edgar/data/1471781/000161577418002602/0001615774-18-002602-index.htm
As
previously disclosed, under the terms of the prior financing, Bellridge
Capital. LP ("Bellridge") was entitled to invest an additional
$750,000 in consideration of a debenture and common stock purchase warrant. On
April 9, 2018, Bellridge exercised this right to invest additional capital into
the Company.
Since
the beginning of 2018, Bellridge has invested $1,500,000 into the Company in
consideration of a fixed price convertible debenture and related common stock
purchase warrants. Separately, during 2018, an additional $500,000 equity
investment was funded by a previous investor. As of today, other than the
convertible debentures held by Bellridge, the Company does not have other
convertible debt outstanding.
The
financing is part of the Company's decision not to take convertible financing
without a fixed conversion price and create a balance sheet that gives
investors clarity regarding the number of shares outstanding and potential
dilution caused by convertible debenture financing.
"This
financing fits into our strategy of moving away from variable priced
convertible securities with the goal of providing our investors clarity
regarding our capital structure. Our management team believes this financing is
a very positive signal; two existing investors have chosen to re-invest. One
transitioned from being a lender to an equity investor and the other acquired a
fixed conversion debenture," stated Greg Bauer, CEO.
About Gopher Protocol Inc.
Gopher Protocol Inc. (OTCQB: GOPH) (“Gopher”) (http://gopherprotocol.com/) is a
development-stage company which consider itself Native IoT creator,
developing Internet of Things (IoT) and Artificial Intelligence enabled mobile technology.
Gopher has a portfolio of Intellectual Property that when commercialized
will include smart microchips, mobile application software and supporting cloud
software. The system contemplates the
creation of a global network. The core
of the system will be its advanced microchip technology that can be installed
in any mobile device worldwide. Gopher envisions this system as an internal,
private network between all enabled mobile devices providing shared processing,
advanced mobile database management/sharing and enhanced mobile features.
Forward-Looking
Statements
Certain statements contained in this press release may
constitute "forward-looking statements". Forward-looking
statements provide current expectations of future events based on certain
assumptions and include any statement that does not directly relate to any
historical or current fact. Actual results may differ materially from those indicated
by such forward-looking statements as a result of various important factors as
disclosed in our filings with the Securities and Exchange Commission located at
their website (http://www.sec.gov). In addition to these factors, actual future performance,
outcomes, and results may differ materially because of more general factors
including (without limitation) general industry and market conditions and
growth rates, economic conditions, and governmental and public policy
changes. The forward-looking statements included in this press release
represent the Company's views as of the date of this press release and these
views could change. However, while the Company may elect to update these
forward-looking statements at some point in the future, the Company
specifically disclaims any obligation to do so. These forward-looking
statements should not be relied upon as representing the Company's views as of
any date subsequent to the date of the press release.
Contact:
Greg Bauer, CEO
Gopher Protocol Inc.
VM Only 888-685-7336
Gopher Protocol Inc.
VM Only 888-685-7336
Source: Gopher Protocol Inc.
Gopher Protocol,
Inc. (OTCQB:GOPH) is a featured tech stock on
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