First Global Data Limited Enters Into Letter of Intent for Acquisition and Proposes to Issue Convertible Debenture

TORONTO, ONTARIO--(Marketwired - Dec. 22, 2014) - First Global Data Limited (TSX VENTURE:FGD) (the "Corporation") would like to announce that it has entered into a non-binding letter of intent (the "LOI") with 2297970 Ontario Inc., which is also known as LTP Financial Inc. ("LTP"), an arm's length party to the Corporation. Pursuant to the terms of the LOI, the Corporation has agreed to acquire all of the issued and outstanding securities of LTP in exchange for the issuance of 26 million common shares of the Corporation (the "Acquisition").

Closing of the Acquisition is conditional on the completion of several conditions, including, but not limited to, the following:

(i) the receipt of all regulatory and shareholder approvals, if required;

(ii) the Corporation completing and being satisfied with its due diligence results of LTP; and

(ii) the Corporation completing a private placement of a minimum of $3 million and maximum of $5 million in convertible debentures (the "Debentures").

"The acquisition of LTP would be a great fit toward the Corporation's overall strategic plan", said Mr. Andre Itwaru, Chairman, President and CEO of the Corporation. "LTP has physical storefronts, an online presence, a considerable client base, and currently delivers various financial services to one of First Global's target demographics. The Corporation will convert these locations to First Global Money™ stores, its money services brand, and implement the full suite of First Global technology and services in these locations. The physical locations would serve as origination points for the Corporation's money transfer services, load points for our mobile service offerings, and an outlet to offer its clients a broader suite of financial services which would leverage First Global's technology and reach, and drive incremental revenues for the Corporation."

The Debentures will bear interest at 10% per annum, such interest to be payable on a semiannual basis. The term of the Debenture shall be three (3) years. The Debenture is convertible, at the option of the holder, at a price of $0.15 per share after the expiration of the statutory four (4) month hold period. In addition, the Debentures are automatically convertible into common shares of the Corporation in the event that the common shares of the Corporation closes at or above $0.40 per share on the TSX Venture Exchange for a period of five (5) consecutive days.