Interfield Global Software Inc. Announces Further Closing of Private Placement Financing

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VANCOUVER, British Columbia, Jan. 02, 2024 (GLOBE NEWSWIRE) -- Interfield Global Software Inc. (NEO: IFSS) (the “Company”) announces a further closing (“Second Tranche”) of its previously announced non-brokered private placement financing (the "Offering"). The Offering consists of up to 8,000,000 units of the Company (the "Units") at a price of $0.25 per Unit, for aggregate gross proceeds of up to $2,000,000 subject to increase at the discretion of the board of directors of the Company.

In connection with the closing of the Second Tranche, the Company issued 820,000 Units for gross proceeds of $205,000, and paid to qualifying arms-length parties finder’s fees comprising $14,350 in cash and 57,400 finder’s warrants. In aggregate to date, pursuant to the Offering, the Company has issued 3,135,800 Units for gross proceeds of $783,950, and paid to qualifying arms-length parties finder’s fees comprising $28,350 in cash and 127,400 finder’s warrants. Closing of one or more further tranches are anticipated, with final completion expected to occur on or about January 22, 2024.

Each Unit consists of one common share in the capital of the Company (each, a "Unit Share") and one common share purchase warrant (each, a "Warrant"). Each Warrant will entitle the holder thereof to acquire one common share in the capital of the Company (each, a "Warrant Share") at an exercise price of $0.40 for a period of three years from the respective closing date(s) of the Offering.

In connection with the Offering, insiders have purchased a total of 285,800 Units. The Company has relied on exemptions from the formal valuation and minority shareholder approval requirements of Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (“MI 61-101”) contained in Sections 5.5(a) and 5.7(1)(a) of MI 61-101 as the fair market value of the subject matter of the Offering does not exceed 25% of the market capitalization of the Company as calculated in accordance with MI 61-101.