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Africa In-Focus: FNDS3000 Raises $1 Mil

June 24, 2010 (FinancialWire) (Go to http://www.financialwire.net/?s=ftrdnwswnd for all of today’s featured news.) — FNDS3000 Corp. (OTCBB: FDTC), a financial transaction processing services company currently introducing prepaid card programs to the South African market, said that it has raised gross proceeds of $1 million via a private equity financing with an existing institutional shareholder.

In addition, the company reported that it has arranged for the conversion of $1.5 million in outstanding promissory notes to equity.

Under the financing agreement, FNDS3000 issued to an existing institutional shareholder 5,714,286 shares of restricted common stock at a price of $0.175 per share; as well as a warrant to purchase 5,714,286 common shares at an exercise price of $0.175, and a warrant to purchase an additional four million common shares at an exercise price of $0.25. The term of the warrants is 24 months.

In a related transaction, the company paid one of its independent directors a referral fee of $50,000 and a warrant to purchase one million shares of common stock at an exercise price of $0.20 per share.  The term of the warrant is for 36 months.

Florida-based FNDS3000 is a financial transaction processing service firm whose focus has been on the development and implementation of a variety of prepaid card programs outside the United States, including services to individuals who lack access to conventional banking services.  

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