TORONTO, Oct. 27, 2020 /CNW/ - XTM, Inc. ("XTM" or the "Company") (CSE: PAID) (FSE: 7XT), a Toronto-based Fintech company in the challenger banking space, providing mobile banking and payment solutions around the world is pleased to announce that it has closed on a  private placement (the "Private Placement") for aggregate gross proceeds to the Company of $821,522.25.  XTM issued an aggregate 5,476,819 units (the "Units"), at a price of $0.15 per Unit with each Unit consisting of one common share of the Company (an "XTM Share") and one common share purchase warrant exercisable for twenty-four (24) months at a price of $0.30 per XTM Share from the date of issuance.

In connection with the Private Placement, the Company (i) paid eligible finders (the "Finders") aggregate cash finders fees of $65,000; (ii) issued an aggregate 433,333 compensation options (the "Compensation Options") to purchase shares ("Finder's Warrants") of the Company at an exercise price of $0.30 per Finder's Warrant with each Finder's  Warrant exercisable for twenty-four (24) months at a price of $0.30 per XTM Share from the date of issuance.

All securities ‎issued in connection with the Offering will be subject to a hold period of four months and a day from ‎the date of closing. The net proceeds from the Offering will be used for general working capital. ‎ All references to currency in this news release are to Canadian currency.

XTM is pleased to announce that CEO, Marilyn Schaffer, will host a live Corporate Update Webinar on Thursday, October 29th, at 11:00 am ET. Marilyn will be going through the Company's October Investor Presentation whereby she will be providing an overview on the Company, an update on its current operations, and will discuss XTM's upcoming milestones. Management will be available to answer questions following the presentation on the webinar platform. You can register for the webinar below: 

Date: Thursday, October 29^th, 2020
Time: 11:00am ET (8:00 am PT)
Register Here: https://attendee.gotowebinar.com/register/4931328752675471375

Following the presentation, to ask a question, you will need to be logged into the GoToWebinar platform or by emailing your question(s) beforehand to [email protected]. The Webinar will be recorded and posted to XTM's website following the presentation

About XTM Inc.

XTM, www.xtminc.com is a Toronto-based fintech innovator in the challenger banking space helping businesses and workers alike expedite earnings payout and reduce or eliminate banking fees.   We are a global card issuer and payment specialist providing free technology to businesses to automate and expedite worker payouts.  XTM integrates businesses to a cashless payment ecosystem that is coupled with a free mobile app and Mastercard debit card with free banking features. XTM drives enterprise value and creates a positive user experience. 

This news release contains "forward-looking information" and "forward-looking statements" within the meaning of applicable securities laws (the "forward-looking statements"), within the meaning of applicable Canadian securities legislation, including expected performance of XTM, the expectation that businesses with which XTM does business or have committed to do business will in the expected timeline, the continuing trend toward electronic payment methods, that the integrations will attract new business owners to use the Today program, and the general conditions and revenues of XTM.  Forward-looking statements are statements that are not historical facts and are generally, although not always, identified by words such as "expect", "plan", "anticipate", "project", "target", "potential", "schedule", "forecast", "budget", "estimate", "intend" or "believe" and similar expressions or their negative connotations, or that events or conditions "will", "would", "may", "could", "should" or "might" occur. While XTM can make best efforts to estimate when businesses will re-open or back to pre-Covid 19 business levels there are no guarantees this will happen in the time the Company expects or if at all.  All such forward-looking statements are based on the opinions and estimates of management as of the date such statements are made. These forward-looking statements are made as of the date of this news release. Readers are cautioned not to place undue reliance on forward-looking statements, as there can be no assurance that the future circumstances, outcomes or results anticipated in or implied by such forward-looking statements will occur or that plans, intentions or expectations upon which the forward-looking statements are based will occur.

The CSE has not approved nor disapproved the contents of this press release, and the CSE does not accept responsibility for the adequacy or accuracy of this release.

SOURCE XTM Inc.

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