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Fintech

Tenet Closes Second Tranche of Private Placement of up to CAD$7M Non-Secured Convertible Debenture Financing Ahead of Pending Prospectus Offering

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Toronto, Ontario–(Newsfile Corp. – February 1, 2023) – Tenet Fintech Group Inc. (CSE: PKK) (OTC Pink: PKKFF) (“Tenet” or the “Company”), an innovative AI service provider and operator of the Business Hub™, today announced that it has sold 351 units for gross proceeds of CAD$3,510,000, representing the second tranche of a private placement financing where the Company may sell up to 700 units for gross proceeds of CAD$7,000,000 (the “Financing“).

Each unit sold (a “Unit“) is comprised of CAD$10,000, face value, of non-secured convertible debentures (the “Debentures“) and 10,000 warrants (the “Warrants“) to purchase common shares of the Company (“Common Shares“) at a price of CAD$2.00 per share any time prior to the expiry date of the Warrants subject to certain terms and conditions. The Debentures will mature twenty-four (24) months from the date of their issuance (the “Maturity Date“), and the Warrants will expire twenty-four (24) months from the date of their issuance (the “Expiry Date“). The Debentures will bear interest at a rate of 10% per annum, payable in cash. Interest shall be paid by Tenet monthly, starting on the last day of the first month following the date of issuance of the Debentures.

From the date of issue until the Expiry Date, unless automatically converted, investors may elect to convert, in whole or in part, the face value of the Debentures into Common Shares of the Company at the price of CAD$1.00 per Common Share. At any time prior to the Expiry Date, if the Common Shares trade at a price of CAD$1.50 or more for three (3) consecutive trading days, the then remaining face value of the Debentures will be automatically converted into Common Shares at the price of CAD$1.00 per Common Share.

Certain qualified individuals and registered investment dealers (“Finders“) may assist the Company with respect to the Financing and may receive from the Company, subject to compliance with securities laws, a cash Finder’s fee equal to 7% of the gross proceeds of the Financing that they help place, and a warrant Finder’s fee equal to a number of warrants representing 7% of the gross proceeds of the Financing that they help place (the “Finder Warrant(s)“). Each Finder Warrant will entitle the holder to purchase one Common Share for a period of twenty-four (24) months following the date of its issuance, at an exercise price of CAD$2.00.

The Debentures, Common Shares, Warrants and Finder Warrants issued in connection with the Financing are subject to a hold period of four months and one day from the closing date of the Financing. Tenet had previously sold units for gross proceeds of CAD$3,080,000, bringing the total raised in the Financing to CAD$6,590,000. Tenet will use the proceeds of the Financing for working capital related to its Canadian operations and may close additional rounds of the Financing for gross proceed of up to the maximum amount of CAD$7,000,000 of the Financing until the Company has satisfied any remaining conditions and has obtained a receipt from the Ontario Securities Commission (OSC), for a final prospectus to proceed with its pending public offering financing of up to CAD$30,000,000.

About Tenet Fintech Group Inc.:

Tenet Fintech Group Inc. is the parent company of a group of innovative financial technology (Fintech) and artificial intelligence (AI) companies. All references to Tenet in this news release, unless explicitly specified, includes Tenet and all its subsidiaries. Tenet’s subsidiaries provide various analytics and AI-based services to businesses and financial institutions through the Business Hub™, a global ecosystem where analytics and AI are used to create opportunities and facilitate B2B transactions among its members. Please visit our website at: http://www.tenetfintech.com

For more information, please contact:

Tenet Fintech Group Inc.
Branka Petrovic, Investor Relations & Communications
437-778-7238
[email protected]

CHF Capital Markets
Cathy Hume, CEO
416-868-1079 ext.: 251
[email protected]

MZ Group – MZ North America
Mark Schwalenberg, CFA
312-261-6430
[email protected]

Follow Tenet Fintech Group Inc. on social media:

Twitter: @Tenet_Fintech
Facebook: @Tenet
LinkedIn: Tenet
YouTube: Tenet Fintech

Forward-Looking Statements / Information:

This news release may include certain forward-looking information, including statements relating to business and operating strategies, plans, and prospects for revenue growth and listing plans, using words including “anticipate”, “believe”, “could”, “expect”, “intend”, “may”, “plan”, “potential”, “project”, “seek”, “should”, “will”, “would” and similar expressions, which are intended to identify a number of these forward-looking statements. Forward-looking information reflects current views with respect to current events and is not a guarantee of future performance and is subject to risks, uncertainties, and assumptions. The Company undertakes no obligation to publicly update or review any forward-looking information contained in this news release, except as may be required by applicable laws, rules, and regulations. Readers are urged to consider these factors carefully in evaluating any forward-looking information.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/153164

Fintech

Expressions of Interest for Director of the European Bank for Reconstruction and Development

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The Minister for Finance, Michael McGrath, is inviting Expressions of Interest from suitably qualified candidates to be considered as Ireland’s Director of the London-based European Bank for Reconstruction and Development (EBRD). The remunerated position of Director is an important post with a demanding workload. A full-time residential position, it is based at Bank headquarters in London.

The Minister’s nominee is expected to be appointed by the EBRD, with the agreement of Ireland’s Constituency partner countries, for a three-year term from 1 August 2024.

Minister McGrath commented:

“This is an exciting opportunity to represent Ireland (and our Constituency partners Denmark, Lithuania and Kosovo) as a Director on the Board of the European Bank for Reconstruction and Development overseeing the policy-making and governance of the Bank. The EBRD is a unique International Financial Institution supporting projects across three continents. By investing in projects which otherwise would not be fully met by the market, the EBRD promotes entrepreneurship and fosters transition towards open and sustainable market economies. I am keen to ensure our Irish representative has the ability, education, vision, and experience to make a significant contribution to the Board and brings a range of skills and diverse perspective to the deliberations of the Board.

My nominee will need high competence in economic and financial matters. Expertise can come from notable or significant achievements in the corporate or financial sector, academia, policy-focused institutions, or public service. Importantly, they will have the highest ethical standards, a strong sense of professionalism and commitment, and dedication to serving the interests of all the shareholders and be able to make themself readily available to the Board in the fulfilment of their duties.”

Expressions of interest will be accepted up to 3pm on 27th March 2024

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Fintech

Council adopts regulation on instant payments

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The Council adopted today a regulation that will make instant payments fully available in euro to consumers and businesses in the EU and in EEA countries.

The new rules will improve the strategic autonomy of the European economic and financial sector as they will help reduce any excessive reliance on third-country financial institutions and infrastructures. Improving the possibilities to mobilize cash-flows will bring benefits for citizens and companies and allow for innovative added value services.

The instant payments regulation will allow people to transfer money within ten seconds at any time of the day, including outside business hours, not only within the same country but also to another EU member state. The regulation takes into consideration particularities of non-euro area entities.

Payment service providers such as banks, which provide standard credit transfers in euro, will be required to offer the service of sending and receiving instant payments in euro. The charges that apply (if any) must not be higher than the charges that apply for standard credit transfers.

The new rules will come into force after a transition period that will be faster in the euro area and longer in the non-euro area, that needs more time to adjust.

The regulation grants access for payment and e-money institutions (PIEMIs) to payment systems, by changing the settlement finality Directive (SFD). As a result, these entities will be covered by the obligation to offer the service of sending and receiving instant credit transfers, after a transitional period. The regulation includes appropriate safeguards to ensure that the access of PIEMIs to payment systems doesn’t carry additional risk to the system.

Under the new rules, instant payment providers will need to verify that the beneficiary’s IBAN and name match in order to alert the payer to possible mistakes or fraud before a transaction is made. This requirement will apply to regular transfers too.

The regulation includes a review clause with a requirement for the Commission to present a report containing an evaluation of the development of credit charges.

Background

This initiative comes in the context of the completion of the capital markets union. The capital markets union is the EU’s initiative to create a truly single market for capital across the EU. It aims to get investment and savings flowing across all member states for the benefit of citizens, businesses, and investors.

On 26 October 2022 the Commission put forward a proposal on instant payments that amends and modernises the single euro payments area (SEPA) regulation of 2012 on standard credit transfers in euro by adding to it specific provisions for instant credit transfers in euro.

Source: European Council

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Fintech

FCA highlights need for enhanced competition in wholesale data markets

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The FCA has unveiled the outcomes of its in-depth study into the wholesale data market, focusing on the sectors of credit ratings data, benchmarks, and market data vendor services.

Despite deciding against major regulatory actions due to the risk of unintended consequences that could affect the data’s availability and quality—a crucial resource for global investors—the FCA has pinpointed several areas where competition could be significantly improved.

The study’s revelations indicate that the current state of competition in these markets may lead to users incurring higher costs for data than would be the case in a more competitive environment. This concern is particularly pressing given the critical role that such data plays in supporting effective investment decisions across the financial sector.

In a move to address these findings, the FCA has proposed initiatives aimed at ensuring wholesale data is distributed under fair, reasonable, and transparent conditions. This approach forms a part of the regulator’s broader strategy to ‘repeal and replace’ assimilated EU law, reinforcing the UK’s status as a premier global financial hub fostering investment, innovation, and sustainable growth.

Sheldon Mills, the FCA’s Executive Director of Consumers and Competition, emphasised the importance of quality and accessible wholesale data for the efficiency of financial markets. “The quality and availability of wholesale data is integral to well-functioning wholesale financial markets,” Mills stated. He further clarified, “Our market study found that firms can access the data they need to make effective investment decisions. We do not believe the case has been made for significant interventions. However, we will examine ways to help support wholesale data being provided on fair, reasonable and transparent terms.”

In its commitment to fostering a competitive and fair marketplace, the FCA will continue to scrutinize allegations of anti-competitive behavior across all markets, including wholesale data markets, leveraging its powers under the Competition Act to address any such issues.

Source: Fintech Global

 

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