TechFinancials converts loan into Footies

TechFinancials converts loan into Footies

Fintech provider TechFinancials, Inc., announced that following 15 July 2019 funding agreement with for subsidiary Footies Ltd, the company has converted its $300,000 loan into 4,285 new shares of £0.01 in Footies Ltd. The transaction was at approximately $70.00 per share and amounted to valuation of US $1,000,000 post-money for Footies.

After the transaction TechFinancials holds 82.5% of the share capital in Footies.

The company announced back in December 2019 that it extended a credit line to Footies of up to $225,000 for the period of one year. The agreement stated that unless converted into shares, the loan will be due to be repaid to TechFinancials in a year. The loan will be converted at a US $1,000,000 valuation of Footies.

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