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.
Read More: