On October 27, 2017, NetCents Technology Inc. (CSE: NC) (Frankfurt: 26N), entered into a non-binding agreement for a drawdown equity facility of up to $5 million with Alumina Partners (Ontario) Ltd., a subsidiary of Alumina Partners LLC, a New York-based private equity firm. The agreement provides for equity private placement offerings, to be conducted in drawdowns made at the sole discretion of the company over a period of 60 months. Concurrent with entering into the equity facility, the company and Alumina Partners closed the first tranche offering under the facility for $500,000.
NetCents is a next generation online payment processing platform that utilizes innovative Blockchain Technology to provide payment solutions that are simple to use, secure and worry free. The company is integrated into the Automated Clearing House (ACH) and is registered as a Money Services Business (MSB) with FINTRAC.
Miller Thomson advised NetCents on the negotiation of this agreement with a team that included Gal Smolar, Derrek Fahl and Elizabeth Holden.