Sign up Australia
Proactive Investors - Run By Investors For Investors

Midpoint raises cash through share placement

The foreign exchange trading platform provider closed the first tranche of the offering on October 28
Midpoint raises cash through share placement
Midpoint is the originator of the peer to peer foreign exchange business concept

---ADDS SHARE PRICE---

Midpoint Holdings (CVE.MPT) is to raise up to C$3mln through a private placement of up to 20mln units at 15 cents a pop.

Each unit will comprise one Midpoint common share and half of a one common share purchase warrant. The warrants have a lifetime of 24 months from the closing date of the share offer and are convertible at 30 cents each, subject to various restrictions.

The foreign exchange trading platform provider closed the first tranche of the offering on October 28, 2015, which consisted of the issuance of an aggregate of 2.89mln units for gross proceeds of just over $433,000.

The common shares and the warrants comprising the units issued in connection with the completion of the first tranche of the offering are subject to a hold period of four months and a day.

Midpoint said funds from the share issue will be used for general working capital purposes.

The company also issued its audited financial statements for the year to the end of June on Thursday.

The numbers revealed that revenue is growing fast, albeit from a small base, with the top line climbing to C$158,068 from C$49,698 the year before.

Speaking previously to Proactive Investors, however, chairman and chief executive John Booth said the revenue figures do not do justice to the scale of money passing through Midpoint's platform; Booth calculates around C$60mln has gone through the system since the company’s reboot a couple of years ago.

The company's audited loss for last year was C$1.27mln, compared to a loss of C$1.35mln the year before.

Shares in Midpoint shot up 8.7% to 12.5 cents in the morning trading session in Toronto.

View full MPT profile View Profile

Midpoint Holdings Ltd Timeline

Newswire
August 11 2016

Related Articles

house
December 09 2017
The bond is aimed at retail investors who want a part of their portfolio in a ‘safe, bedrock investment’

No investment advice

The information on this Site is of a general nature only. It does not take your specific needs or circumstances into consideration, so you should look at your own financial position, objectives and requirements and seek financial advice before making any financial decisions. You acknowledge and understand that neither the Company, its related bodies corporate, the information providers or their affiliates will advise you personally about the nature, potential value or suitability of any particular security, portfolio of securities, transaction, investment strategy, or other matter. You should read our FSG and any other relevant disclosure documents and if necessary seek persona advice prior to making any investment decision.

You understand and agree that no Content (as defined below) published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is suitable or advisable for any specific person.

You understand that in certain circumstances the Company, its related bodies corporate, the information providers or their affiliates may have received, or be entitled to receive, financial or other consideration in connection with promoting, and providing information about, certain entities on the Site and in communications otherwise provided to you.

You understand that price and other data is supplied by sources believed to be reliable, that the calculations herein are made using such data, and that neither such data nor such calculations are guaranteed by these sources, the Company, the information providers or any other person or entity, and may not be complete or accurate. From time to time, reference may be made in our marketing materials to prior articles and opinions we have published. These references may be selective, may reference only a portion of an article or recommendation, and are likely not to be current. As markets change continuously, previously published information and data may not be current and should not be relied upon.

Before you act on any general advice we provide, please consider whether it is appropriate for your personal circumstances.

© Proactive Investors 2018

Proactive Investors Australia PTY LTD ACN:132787654 ABN:19132787654.

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use