Marble Financial Announces Fully Subscribed Final Closing of $2 Million Non-Brokered Private Placement and Appointment of New CFO

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(TheNewswire)



Vancouver, BC – TheNewswire - December 29, 2020 - Marble Financial Inc. (CSE:MRBL) (CNSX:MRBL.CN) (OTC:MRBLF) ("Marble" or the "Company"), a financial technology company that empowers Canadians toward a positive financial future, is pleased to announce it has closed its fully subscribed $2 million non-brokered private placement (the “Placement”).  Marble’s final closing consisted of issuing 8,433,335 units (the “Units”) at a price of $0.15 per Unit for gross proceeds of $1,265,000.

Each Unit is comprised of one common share of the Company (“Shares”) and one-half of one non-transferable warrant, with each whole warrant (each a “Warrant”) being exercisable to purchase a further Share at a price of $0.25 for a period of 24 months following the closing date, subject to accelerated expiry if the common shares of the Company trade or close at a price of $0.35 or more for 10 consecutive trading days on the Canadian Securities Exchange (“CSE”). The Company paid aggregate finder fees on eligible subscribers in the amount of $6,300 and 303,333 units in lieu of cash and issued 303,333 finder warrants having the same terms as the Warrants.

All securities issued in connection with the Placement, are subject to a statutory hold period expiring April 24, 2021.  

The Company is pleased to announce that is has re-organized its finance department in order to provide the company with a more cost-effective solution and thus is pleased to announce the appointment of Natasha Tsai, CPA, CA as Chief Financial Officer replacing Alastair Brownlow and Adah Teotico, VP Finance who have resigned to pursue other opportunities. Marble would like to thank Mr. Brownlow and Ms. Teotico for their services with the Company and wish them well in their future endeavors.

Natasha is currently a Managing Director with Malaspina Consultants Inc. She specializes in the areas of financial operations and business performance. Natasha is a graduate of Sauder School of Business at UBC and received her Chartered Accountant designation in 2007. She was a former co-chair of the Young CA Forum at the Institute of Chartered Accountants of BC.

The Company’s Board of Directors has approved the granting of incentive stock options to directors, management and consultants, to purchase up to an aggregate of 300,000 common shares in the capital stock of the Company at a price of $0.23 per share for a period of 5 years. The options will vest as to 25% upon the date of the grant and 25% annually thereafter. 

ON BEHALF OF THE BOARD OF DIRECTORS

Karim Nanji, CEO

About Marble Financial Inc. (CSE: MRBL; OTC: MRBLF) Marble leverages its proven data driven strategies utilizing the power of machine learning, data science, and artificial intelligence, through its industry-leading proprietary technology solutions Fast-Track, Score-Up, and Credit-Meds to engage in and navigate a clear path for Canadians towards financial wellbeing and a meaningful credit score. Since 2016, Marble is proud to have empowered thousands of marginalized Canadians to a positive financial future, and we continue to establish ourselves as leaders in financial wellness through the licensing of our proprietary products on the Marble Platform.

For further information, please visit the company's website at http://mymarble.ca

Mike Marrandino,
Executive Chairman
T:(855) 661-2390 ext. 104
Email: [email protected]

NEITHER THE CANADIAN SECURITIES EXCHANGE NOR ITS REGULATIONS SERVICES PROVIDER HAVE REVIEWED OR ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

 

Caution Regarding Forward-Looking Information

This release contains "forward-looking information" as such term is used in applicable Canadian securities laws, including statements regarding the Private Placement and the use of proceeds therefrom. The use of any of the words "target", "plans", "anticipate", "continue", "estimate", "expect", "may", "will", "project", "should", "believe" and similar expressions are intended to identify forward-looking statements. Such forward-looking information is based on management's expectations and assumptions, including statements relating to the Company's plans to conduct the Placement and the anticipated use of the proceeds of the Placement and Debenture offerings.

In making the forward-looking statements included in this news release, the Company has applied several material assumptions, including but not limited to, that the Company's financial condition and development plans do not change as a result of unforeseen events, and that the Company will receive all required regulatory approvals, including Canadian Securities Exchange approval, for the Placement. Forward-looking information is subject to a variety of risks and uncertainties and other factors that could cause plans, estimates and actual results to vary materially from those projected in such forward-looking information. Factors that could cause the forward-looking information in this news release to change or to be inaccurate include, but are not limited to: failure of the Private Placement to be arranged on the proposed terms or at all; unanticipated delays in obtaining or failure to obtain regulatory or Canadian Securities Exchange approvals; general economic, market or business conditions; changes in the Company's financial condition and development plans; and other risks and uncertainties as set forth in the Company's most recent continuous disclosure filings filed under the Company's profile at www.sedar.com.

Although the Company has attempted to take into account important factors that could cause actual costs or results to differ materially, there may be other factors that cause actual results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. The forward-looking information included in this release is expressly qualified in its entirety by this cautionary statement. Accordingly, readers should not place undue reliance on forward-looking information. The Company undertakes no obligation to update these forward-looking statements, other than as required by applicable law.

THIS NEWS RELEASE DOES NOT CONSTITUTE AN OFFER TO SELL OR A SOLICITATION OF AN OFFER TO BUY ANY OF THE SECURITIES IN THE UNITED STATES. THE SECURITIES HAVE NOT BEEN AND WILL NOT BE REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE "U.S. SECURITIES ACT") OR ANY STATE SECURITIES LAWS AND MAY NOT BE OFFERED OR SOLD WITHIN THE UNITED STATES OR TO U.S. PERSONS UNLESS REGISTERED UNDER THE U.S. SECURITIES ACT AND APPLICABLE STATE SECURITIES LAWS OR AN EXEMPTION FROM SUCH REGISTRATION IS AVAILABLE.

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