Montreal, Quebec--(Newsfile Corp. - June 30, 2021) - Mobi724 Global Solutions Inc. (TSXV: MOS) ("Mobi724" or the "Company"), a fintech enabler of AI-enhanced payment card-linked solutions, announces that it has closed the first tranche ($1,150,000) of a loan for a maximum amount of $2,300,000 from the Government of Québec, through its mandatary Investissement Québec ("Loan"), the terms of which were detailed in a Press Release dated June 23, 2021. The Loan is for a term of 6 years and bears interest at the rate of 10% per annum payable monthly. The Loan provides for an 18-month capital repayment moratorium commencing from the date of the first tranche disbursement, after which its principal will be repaid in 54 equal monthly installments. The Loan is secured by a hypothec and is subject to the certain restrictive covenants and guarantees customary to such transactions. It is expected that the last two tranches of the Loan will be disbursed by December 31, 2021 subject to compliance with the conditions set out in the Loan.

Simultaneously with the disbursement of the first tranche of the Loan, the Company issued a secured convertible debenture to Investissement Québec, as mandatary of the Government of Québec, in the amount of $1,150,000 ("Debenture") representing the first tranche amount, the terms of which remain subject to final approval by the TSX Venture Exchange ("TSXV").

Investissement Québec, as mandatary of the Government of Québec, may convert, at any time, during a period of 5 years, all or part of the Debenture into common shares of the Company, at a conversion price equal to the prevailing market price on the day of the conversion less the maximum discount permitted by TSXV policies but, in no event, will the conversion price be less than the minimum permitted under TSXV policies. Subject to the final approval of the TSXV, upon the disbursement of each subsequent tranche, the Company will issue a convertible debenture representing the amount of the tranche disbursed.

Other Matters:

BDC Capital has agreed to amend the financing agreement it entered into with Mobi724 in September 2017 ("BDC Loan") by granting the Company an 18-month moratorium on the repayment of principal owing on the BDC Loan commencing from the disbursement of the first tranche of the IQ Loan. As consideration for amending the terms of the BDC Loan, the annual variance interest rate (which is added to BDC Capital's floating base rate) will be increased by 2% and BDC will receive 3,000,000 warrants, each entitling BDC Capital to purchase one common share of Mobi724 for a period of 3 years after its issuance at a price of $0.06 per share ("Loan Warrants"). The issuance of the Loan Warrants remains conditional to the final approval of the TSXV.

About Mobi724 Global Solutions Inc.

Every Transaction is An Opportunity

Mobi724 Global Solutions Inc. (TSXV: MOS) is a fintech company that enables banks and merchants to offer their customers real-time payment card-linked incentives, in a white-label format. Mobi724's objective is to add a layer of AI-driven actionable intelligence to every payment transaction, creating engaging consumer experiences & generating incremental commercial opportunities to its clients.

Legal Disclaimer

Mobi724 cautions investors that any forward-looking statements or projections made by Mobi724 are subject to risks and uncertainties, that may cause actual results to differ materially from those projected. Such factors include, but are not limited to, those described under Item 'Risk Factors and Uncertainties' in the Company's Management Discussion and Analysis, available on SEDAR.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

THIS NEWS RELEASE DOES NOT CONSTITUTE A SOLICITATION TO BUY OR SELL ANY SECURITIES IN THE UNITED STATES AND IS NOT FOR DISTRIBUTION TO US NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES.

Investor Relations:

For further information, please visit or contact:

Marcel Vienneau, CEO
Mobi724 Global Solutions Inc.
T: 514-394-5200

To view the source version of this press release, please visit