Under the placement 33 million shares will be issued at $0.075 per share consistent with its 15 per cent capacity.
Each share entitles the holder to purchase one share in the company anytime before the expiry in June 2021.
The funds raised will be used to complete the integration of recent partnerships and provide continued support for the rollout of its AirBux technology, Paid by Coins and working capital.
AirBux is a mobile app where you can purchase products online, in store or via the app. Rewards are then earned, such as points, which can be used instead of real money towards purchases or up to a 15 percent discount.
Paid by Coins allows users to use cryptocurrencies such as Bitcoin, Litecoin and Ethereum to pay for bills and products.
A real time exchange rate is calculated so customers can get the best rate out of it. This allows for international customers to not have to go through multiple cash conversions when purchasing something.
An additional $20,000 will be raised through the issue of 133,333 new shares also at $0.075.
This placement is anticipated to take place on May 3 with the issue of the attaching options to occur after shareholder approval is obtained at the general meeting at the end of June.