Fintech
PesoRama Inc. Announces Concurrent Closing of Prospectus Offering and Qualifying Transaction, and Receipt of $10 Million of Financing Proceeds
Toronto, Ontario–(Newsfile Corp. – February 8, 2022) – PesoRama Inc. (“PesoRama” or the “Corporation“) (formerly Skyscape Capital Inc.) (TSXV: SKY.P) is pleased to announce the completion of its public offering (the “Offering“), by way of prospectus (the “Prospectus“) dated January 31, 2022, of 4,700,000 units (the “Units“) for aggregate gross proceeds of $4,700,000. The Corporation also announces the closing of its previously announced “Qualifying Transaction” (the “Qualifying Transaction“), as such term is defined in the policies of the TSX Venture Exchange (the “TSXV“), involving the amalgamation of PesoRama Inc. (“Old PesoRama“) and the Corporation’s wholly owned subsidiary, 11518003 Canada Inc., (“Subco“), to form a new corporation, PesoRama Holdings Inc. (“Amalco“), as well as the change of the Corporation’s name to PesoRama Inc. (the “Name Change“), all effective February 8, 2022.
The Corporation will be filing final submissions with the TSXV in connection with the completion of the Qualifying Transaction. Upon receiving final approval from the TSXV, it is expected that the Corporation will be a Tier 2 Industrial Issuer and will trade under the symbol “PESO”. The Corporation intends to issue a subsequent news release once the common shares of the Corporation (“Common Shares“) are reinstated for trading on the TSXV.
Concurrent Offerings
The Offering was made by the Corporation through a syndicate of agents (collectively, the “Agents“) led by Canaccord Genuity Corp. and including Cormark Securities Inc. and Richardson Wealth Limited, in combination with a non-brokered private placement offering of subscription receipts completed by Old PesoRama on November 19, 2021, to raise aggregate gross proceeds from such financings of $10,035,170 in furtherance of the Qualifying Transaction. Pursuant to the subscription receipt financing, Old PesoRama issued and sold 5,335,170 subscription receipts for aggregate gross proceeds of $5,335,170, which were converted into 5,335,170 Units on closing of the Qualifying Transaction.
In connection with the Offering, the Corporation, Old PesoRama and the Agents entered into an agency agreement (the “Agency Agreement“) dated January 31, 2022, pursuant to which the Agents offered and sold an aggregate of 4,700,000 Units distributed by the Corporation pursuant to the Prospectus, at a purchase price of $1.00 per Unit for aggregate gross proceeds of $4,700,000. Each Unit consists of one Common Share and one common share purchase warrant of the Corporation (a “Warrant“). Each Warrant entitles the holder to purchase one Common Share at a price of $1.25 per share for a period of 24 months following the closing date of the Offering. In the event that the volume-weighted average price of the Common Shares on the TSXV is equal to or greater than $2.00 over a 10 consecutive trading day period, the Corporation may, within 10 business days following such period, accelerate the Warrant expiry date by issuing a news release to the date that is 30 days following the issuance of the news release.
Under the terms of the Agency Agreement, PesoRama has also granted to the Agents an over-allotment option to purchase up to an additional 705,000 Units on the same terms and conditions, exercisable in whole or in part by the Agents up to 30 days following closing of the Offering.
On the completion of the Offering, the Corporation paid to the Agents a cash commission of 7.0% of the aggregate gross proceeds of the Offering. The Agents also received 329,000 common share purchase warrants of the Corporation, each entitling the holder to purchase one Common Share at a price of $1.00 per Common Share until the date that is 24 months from the closing of the Offering.
The Corporation intends to use the net proceeds from the Offering and the subscription receipt financing to fund a portion of PesoRama’s near term business objectives, including for new store openings.
Qualifying Transaction
The Corporation is pleased to announce that it has completed the Qualifying Transaction, pursuant to which Subco and Old PesoRama amalgamated under the relevant provisions of the Canada Business Corporations Act to form Amalco and the holders of common shares of Old PesoRama (“PesoRama Shares“) received one Common Share for each one PesoRama Share held prior to the amalgamation. Also pursuant to the Qualifying Transaction, the Corporation agreed to assume all of Old PesoRama’s obligations under all outstanding warrants and options to acquire PesoRama Shares, which are now exercisable to acquire Common Shares. In connection with the Qualifying Transaction and the Offering, the Corporation issued an aggregate of 69,928,239 Common Shares.
Name Change
Concurrent with the Qualifying Transaction, the Corporation changed its name from “Skyscape Capital Inc.” to “PesoRama Inc.” (the “Name Change“), to more appropriately reflect its business and operations going- forward.
Reconstitution of Board of Directors and New Officers
In connection with the Qualifying Transaction, the board of directors of the Corporation was reconstituted to consist of: Rahim Bhaloo, Antonio Heredia, Paul Pathak and Andrew Parks. The Corporation also announces the appointment of Rahim Bhaloo as Executive Chairman, Erica Fattore as Chief Executive Officer and President, Lynn Chapman as Chief Financial Officer and Abdulmajeed Bawazeer as Chief Strategy Officer of the Corporation.
About PesoRama
PesoRama is a Canadian company with its corporate office located in Toronto and operations based in Mexico. In Mexico, PesoRama operates a chain of corporately owned value retail stores under its “JOI Canadian Stores” banner, which offer a variety of quality products for sale to customers typically at a single price point. PesoRama launched its operations in 2019 in Mexico City and the surrounding areas, targeting high density, high traffic locations. PesoRama’s JOI Canadian Stores offer consistent merchandise offerings such as household wares, kitchenware, home cleaning products, home décor products, seasonal products, stationary, toys and games, arts and crafts materials, electronics, souvenirs, novelties, jewelry, clothing, footwear, headwear, costumes, personal care products, health and beauty, cosmetics, food, beverages, snacks, confectionary, pet food and pet accessories, hardware, garden tools and other general merchandise. To date, PesoRama has opened and operates 18 stores in Mexico and currently seeks to implement an aggressive expansion strategy by opening new stores if and when, its board of directors deems to be in its best interest and subject to available funds.
The TSXV has in no way passed upon the merits of the Qualifying Transaction and has neither approved nor disapproved the contents of this press release.
In this press release, all references to “$” are to Canadian dollars.
* * *
Notice regarding forward-looking statements:
This news release includes forward-looking statements regarding the Corporation and its businesses, which may include, but is not limited to, statements with respect to the listing of the Common Shares on the TSXV, the use of the net proceeds from the Offering and subscription receipts financing, and the anticipated share capital of the Corporation. Often, but not always, forward-looking statements can be identified by the use of words such as “plans”, “is expected”, “expects”, “scheduled”, “intends”, “contemplates”, “anticipates”, “believes”, “proposes” or variations (including negative variations) of such words and phrases, or state that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved. Such statements are based on the current expectations of the management of each entity. The forward-looking events and circumstances discussed in this release, including completion of the Qualifying Transaction and the Offering may not occur by certain specified dates or at all and could differ materially as a result of known and unknown risk factors and uncertainties affecting the companies, including risks regarding the technology industry, failure to obtain regulatory or shareholder approvals, economic factors, the equity markets generally and risks associated with growth and competition. Although the Corporation has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended. No forward-looking statement can be guaranteed. Except as required by applicable securities laws, forward-looking statements speak only as of the date on which they are made and the Corporation undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise, other than as required by law.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Not for distribution to United States newswire services or for dissemination in the United States
For further information concerning the Corporation, please contact:
Rahim Bhaloo, Executive Chairman
Email: [email protected]
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/113219
Fintech
Fintech Pulse: Your Daily Industry Brief (Chime, ZBD, MiCA)
As we close out 2024, the fintech industry continues to deliver headlines that underscore its dynamism and innovation. From IPO aspirations to groundbreaking regulatory milestones, today’s updates highlight the transformative power of fintech partnerships, regulatory evolution, and disruptive technologies. Here’s what you need to know.
Chime’s Quiet Step Toward Public Markets
Chime, the U.S.-based financial technology startup best known for its digital banking services, has taken a significant step by filing confidential paperwork for an initial public offering (IPO). As one of the most valuable private fintechs in the U.S., Chime’s move could potentially signal a renewed appetite for fintech IPOs in a market that has been cautious following fluctuating valuations across the tech sector.
With a valuation that reportedly exceeded $25 billion in its last funding round, Chime’s IPO could set a new benchmark for the industry. Observers note that its strong customer base and revenue growth may make it an appealing choice for investors seeking to capitalize on the digital banking boom. However, the timing and success of the IPO will depend on broader market conditions and the regulatory landscape.
Source: Bloomberg
ZBD’s Pioneering Achievement: EU MiCA License Approval
ZBD, a fintech company specializing in Bitcoin Lightning network solutions, has made history by becoming the first to secure an EU MiCA (Markets in Crypto-Assets Regulation) license. This landmark approval by the Dutch regulator positions ZBD at the forefront of compliant crypto-fintech operations in Europe.
MiCA, which aims to harmonize the regulatory framework for crypto-assets across the EU, has been a focal point for industry players aiming to establish legitimacy and expand their offerings. ZBD’s achievement not only validates its operational rigor but also sets a precedent for other fintech firms navigating the evolving regulatory landscape.
Industry insiders view this as a strategic advantage for ZBD as it broadens its footprint in Europe. By leveraging its regulatory approval, the company can accelerate its product deployment and establish trust with institutional and retail users alike.
Source: Coindesk, PR Newswire
The Fintech-Credit Union Synergy: A Blueprint for Innovation
The convergence of fintechs and credit unions continues to reshape the financial services ecosystem. Collaborative initiatives, such as the one highlighted in the recent partnership between fintech innovators and credit unions, are proving to be a potent force in delivering tailored financial solutions.
This “dream team” approach allows credit unions to leverage fintech’s technological expertise while maintaining their community-focused ethos. Key areas of collaboration include digital payments, personalized financial management tools, and enhanced loan processing capabilities. These partnerships not only enhance member engagement but also enable credit unions to remain competitive in an increasingly digital-first financial environment.
Industry analysts emphasize that such collaborations underscore a broader trend of traditional financial institutions embracing fintech-driven solutions to bridge service gaps and foster innovation.
Source: PYMNTS
Tackling Student Loan Debt: A Fintech’s Mission
Student loan debt remains a pressing issue for millions of Americans, and a Rochester-based fintech aims to offer relief through its cloud-based platform. This innovative solution is designed to simplify loan management and provide borrowers with actionable insights to reduce their debt burden.
The platform’s features include repayment optimization tools, personalized financial education, and seamless integration with loan servicers. By addressing the complexities of student loan management, this fintech is empowering borrowers to make informed decisions and achieve financial stability.
As the student loan crisis continues to evolve, solutions like this highlight the critical role fintech can play in addressing systemic financial challenges while fostering financial literacy and inclusion.
Source: RBJ
Industry Implications and Takeaways
Today’s updates underscore several key themes shaping the fintech landscape:
- Regulatory Milestones: ZBD’s MiCA license approval exemplifies the importance of regulatory compliance in unlocking growth opportunities.
- Strategic Partnerships: The collaboration between fintechs and credit unions demonstrates the value of combining technological innovation with traditional financial models to drive customer-centric solutions.
- Market Opportunities: Chime’s IPO move reflects a potential revival in fintech public offerings, signaling confidence in the sector’s long-term prospects.
- Social Impact: Fintech’s ability to tackle systemic issues, such as student loan debt, showcases its role as a force for positive change.
The post Fintech Pulse: Your Daily Industry Brief (Chime, ZBD, MiCA) appeared first on News, Events, Advertising Options.
Fintech
SPAYZ.io prepares for iFX EXPO Dubai 2025
Leading global payments platform SPAYZ.io has confirmed it will be attending iFX EXPO Dubai 2025 on 14 to 16 January. Exhibiting at Stand 64 at Trade Centre Dubai, SPAYZ.io’s team of professionals will be on hand providing live demonstrations of its renowned payment services for payment providers. Attendees will also receive exclusive insight into SPAYZ.io’s plans for 2025 alongside early early access to its upcoming plans for the new year.
SPAYZ.io delivers a host of payment solutions that leverage the latest technological innovations and open access to the fastest growing emerging markets across Africa, Europe and Asia. Over the past year, there has been huge demand for its Open Banking and local payment method services, alongside bank transfers, mass payouts, online banking and e-wallets.
Yana Thakurta, Head of Business Development at SPAYZ.io commented: “We look forward to once again participating at iFX Dubai to expand our network of partners and clients. It’s a fantastic way to kick off the year, connecting with thousands of industry leaders from FOREX platforms to trading companies, and everything in between.
“Our key goal for iFX Dubai EXPO 2025 is to expand our portfolio of solutions and geographies. We’re using this as an opportunity to partner with like-minded entities who share our ambition to provide payment solutions that are truly global.”
Come meet SPAYZ.io’s team at the Trade Centre Dubai at Stand 64. You can also book a meeting slot with a member of a team.
The post SPAYZ.io prepares for iFX EXPO Dubai 2025 appeared first on News, Events, Advertising Options.
Fintech
Airtm Enhances Its Board of Directors with Two Strategic Appointments
Airtm, the most connected digital dollar account in the world, is proud to announce the addition of two distinguished industry leaders to its Board of Directors: Rafael de la Vega, Global SVP of Partnerships at Auctane, and Shivani Siroya, CEO & Founder of Tala. These appointments reflect Airtm’s commitment to innovation and financial inclusion as the company enters its next phase of growth.
“We are thrilled to welcome Rafael and Shivani to Airtm’s Board of Directors,” said Ruben Galindo Steckel, Co-founder and CEO of Airtm. “Their unique perspectives and proven track records will be invaluable as we continue scaling our platform to empower individuals and businesses in emerging markets. Together, we’ll push the boundaries of financial inclusion and innovation to create a more connected and equitable global economy. Rafael and Shivani bring a wealth of experience and strategic insight that will strengthen Airtm’s mission to connect emerging economies with the global market.”
Rafael de la Vega, a seasoned leader in fintech global partnerships and technology innovation, is currently the Global SVP of Partnerships at Auctane. With a proven track record of delivering scalable, impactful solutions at the intersection of fintech, innovation, and commerce, Rafael’s expertise will be pivotal as Airtm continues to grow. “Airtm has built a platform that breaks down barriers and opens up opportunities for people in emerging economies to connect to global markets. I am excited to contribute to its growth and help further its mission of fostering financial inclusion on a global scale,” said Rafael.
Shivani Siroya, CEO and Founder of Tala, is a pioneer in financial technology, renowned for empowering underserved communities through access to credit and essential financial tools. Her leadership in leveraging data-driven innovation aligns seamlessly with Airtm’s vision of creating more equitable financial opportunities. “Empowering underserved communities has always been at the core of my work, and Airtm’s mission resonates deeply with me. I’m thrilled to join the Board and work alongside such a dynamic team to expand access to financial tools that truly make a difference in people’s lives,” said Shivani.
The post Airtm Enhances Its Board of Directors with Two Strategic Appointments appeared first on News, Events, Advertising Options.
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