Currency Exchange International Raises $10.8 Million in Equity Through Stock Warrants
September 10 2013 - 7:25AM
Marketwired
Currency Exchange International, Corp. (the "Company")
(TSX:CXI)(OTCBB:CURN), announces that a total of 1,435,725 common
share purchase warrants were exercised for total gross proceeds of
$10,767,938 representing 98.2% of the outstanding warrants
available for exercise. A total of 1,462,680 warrants (including
the warrants and underlying broker warrants) expiring on September
9, 2013 at an exercise price of CDN$7.50 per share were qualified
under the Corporation's initial public offering and listing on the
Toronto Stock Exchange in March 2012.
Randolph Pinna, President and CEO of CXI stated, "We are
delighted for the overwhelming support received in the market and
welcome our new shareholders. This additional equity capital
exceeds the projections provided to the Office of the
Superintendent of Financial Institutions (Canada), as a part of our
application to establish Exchange Bank of Canada (EBC)."
The Corporation plans to use these new funds in:
-- Capitalization of Exchange Bank of Canada,
-- Expansion of existing business relationships,
-- Additional new client relationships,
-- Expansion of vault capacity in both USA and Canada,
-- Additional investment into CEIFX.com/.ca and EBCFX.com,
-- Expansion of its International Payments services,
-- Open new corporate owned branch locations.
About Currency Exchange International, Corp.
The Company is in the business of providing a range of foreign
currency exchange and related financial products and services in
North America, including the Hawaiian Islands. Primary products and
services include the exchange of foreign currencies, wire transfer
payments, purchase and sale of foreign bank drafts and
international traveler cheques, and foreign cheque clearing.
Related products and services include the licensing of proprietary
FX software applications delivered on its web-based interface,
www.ceifx.com ("CEIFX") and licensing retail foreign currency
operations to select companies in agreed locations. The company's
services are provided in Canada by its wholly owned subsidiary
based in Toronto, Canada through the use of its proprietary
software www.ceifx.ca.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION
This press release includes forward-looking information within
the meaning of applicable securities laws. This forward-looking
information includes, or may be based upon, estimates, forecasts
and statements as to management's expectations with respect to,
among other things, demand and market outlook for wholesale and
retail foreign currency exchange products and services, proposed
entry into the Canadian financial services industry, future growth,
the timing and scale of future business plans, results of
operations, performance, and business prospects and opportunities.
Forward-looking statements are identified by the use of terms and
phrases such as "anticipate", "believe", "could", "estimate",
"expect", "intend", "may", "plan", "predict", "preliminary",
"project", "will", "would", and similar terms and phrases,
including references to assumptions.
Forward-looking information is based on the opinions and
estimates of management at the date such information is provided,
and on information available to management at such time.
Forward-looking information involves significant risks,
uncertainties and assumptions that could cause the Company's actual
results, performance or achievements to differ materially from the
results discussed or implied in such forward-looking information.
Actual results may differ materially from results indicated in
forward-looking information due to a number of factors including,
without limitation, the competitive nature of the foreign exchange
industry, currency exchange risks, the need for the Company to
manage its planned growth, the effects of product development and
the need for continued technological change, protection of the
Company's proprietary rights, the effect of government regulation
and compliance on the Company and the industry in which it
operates, network security risks, the ability of the Company to
maintain properly working systems, theft and risk of physical harm
to personnel, reliance on key management personnel, global economic
deterioration negatively impacting tourism, volatile securities
markets impacting security pricing in a manner unrelated to
operating performance and impeding access to capital or increasing
the cost of capital, and the regulatory approval process for a new
Canadian Schedule I bank, as well as the factors identified
throughout this press release and in the section entitled "Risk
Factors" of the Company's Management's Discussion and Analysis for
the year ended September 30, 2012. The forward-looking information
contained in this press release represents management's
expectations as of the date hereof (or as of the date such
information is otherwise stated to be presented), and is subject to
change after such date. The Company disclaims any intention or
obligation to update or revise any forward-looking information
whether as a result of new information, future events or otherwise,
except as required under applicable securities laws.
The Toronto Stock Exchange does not accept responsibility for
the adequacy or accuracy of this press release. No stock exchange,
securities commission or other regulatory authority has approved or
disapproved the information contained in this press release.
Contacts: Currency Exchange International, Corp. Randolph W.
Pinna President, Chief Executive Officer & Director
407.240.0224Randolph@ceifx.com www.ceifx.com
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