Upco International Inc. (CSE: UPCO) (OTC Pink: UCCPF) (FSE: U06) ("Upco"), a leading provider of cloud-based mobile services, announced that on October 17th, 2019, it closed the first tranche of the previously announced financing to raise up to $600,000 at $0.10 per unit. Pursuant to the first tranche, Upco has issued 4,500,000 units at $0.10 per unit for gross proceeds of $450,000. Each unit consists of one share and one-half of one common share purchase warrant ("Warrant") where each whole Warrant entitles the holder to purchase one additional common share ("Warrant Share") at an exercise price of $0.15 for a period of 4 years. Proceeds from the Private Placement will be used by Upco for general working capital.
This first tranche was subscribed by one U.S. based family office. The stock is subject to a 120-day lock-up after the closing date of the transaction. Bardi Co. was paid a finders fee of $22,500.
“We are delighted to be working with Upco’s Management and to continue to fulfill the Company’s objectives,” stated Bardi Co.’s Managing Director, Chris Manfre.
The offering described herein was made pursuant to an exemption from the registration requirements of the U.S. Securities Act of 1933, as amended (the “Securities Act”), solely to accredited investors.
Upco International Inc. is a cloud-based mobile service company that 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.
Bardi Co. is a transnational boutique investment bank implementing the highest standard of quality, analytical rigor, and insight. Bardi Co. specializes in transaction advisory services for middle-market companies, and its financial professionals have a great wealth of experience gained by handling complex and strategic transactions in a variety of industries both domestically and around the world.