Midpoint Holdings Ltd (CVE:MPT) has raised gross $188,450 after closing the first tranche of its previously announced private placing as five cents per unit.
It plans to issue 5mln units, with each consisting of one common share and one-half of one common share purchase warrant in the capital of the company.
Midpoint operates a peer to peer foreign exchange and international payments platform via its wholly owned UK subsidiary, Midpoint & Transfer Ltd.
This allows registered and authorized individuals or companies to conduct foreign exchange transactions for a transparent fee at the interbank midpoint or mid-market rate. The company supports payments and exchanges in 17 currencies
The proceeds of the offering will be used for general corporate and working capital.
It will go ahead with the next tranche of the offering and anticipates closing of the remaining tranche in the coming weeks, it added.