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Quisitive Announces Closing of Strategic $20 Million Investment by FAX Capital
March 22 2021 - 08:05PM
GlobeNewswire Inc.
Quisitive Technology Solutions Inc. (“Quisitive” or the “Company”) (TSXV: QUIS), a premier Microsoft Cloud Services and Payments Solutions Provider, is pleased to announce that, further to its news release dated March 8, 2021, it has completed a non-brokered private placement with FAX Capital Corp. (TSX: FXC & FXC.WT) (“FAX”) pursuant to which FAX purchased 16,000,000 common shares of Quisitive (“Common Shares”) from treasury at a price of $1.25 per Common Share for gross proceeds of $20,000,000 (the “Private Placement”).
The Company intends to use the net proceeds of the Private Placement for strategic acquisition opportunities and for general corporate purposes.
Mike Reinhart, Quisitive Chief Executive Officer, said, “We’re thrilled to complete this financing with FAX which we believe puts Quisitive on the path of accelerated expansion, and will enable us to broaden our operational capabilities, accelerate our payment solutions strategy, and strengthen our marketing and sales. The success of this financing demonstrates confidence in the Quisitive team, our Microsoft partnership and the potential of the LedgerPay payment platform.”
“Quisitive has built a strong foundation for long-term growth, and we look forward to continuing to support the Company’s ongoing success,” said Blair Driscoll, FAX’s Chief Executive Officer.
In connection with the Private Placement the Company paid fees aggregating $1,400,000. In addition to a contractual lock-up of 12 months, the Common Shares issued to FAX are subject to a statutory four month and one day hold period.
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