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Banking Business: FNDS3000 Inks Equity Financing

October 21, 2010 (FinancialWire) (Go to http://www.financialwire.net/?s=ftrdnwswnd for all of today’s featured news.) — FNDS3000 Corp. (OTCBB: FDTC), an international prepaid processing company currently introducing electronic payment solutions to the South African market, said it has signed a $2.5 million non-brokered equity financing agreement that is intended to be closed in four tranches over a nine month period.

According to the company, the first tranche of $1 million was closed on October 19, 2010; the three follow-on financings, equal to $500,000 each, are scheduled to occur on or about January 31, 2011, April 1, 2011 and July 1, 2011.

The financing was led by Sherington Holdings, LLC, a private investment firm, with participation by other current accredited shareholders of FNDS3000. Raymond Goldsmith, Chairman and CEO of FNDS3000, also serves as chairman and CEO of Sherington Holdings, LLC.

Collectively, Sherington and Goldsmith purchased around 99% of the initial $1 million private placement.

The terms of the initial $1 million financing provided for the sale of 5,714,286 restricted shares of FNDS3000's common stock to the investors at a price of $0.175 per share; and the issuance of a two-year warrant to purchase up to 5,714,286 restricted shares of common stock at an exercise price of $0.175 per share.  

Terms of the follow-on financings provide for the investors to purchase shares of common stock at the lesser of $0.175 or the average trading price of the Company's common stock for the ten trading days prior to the closing date of each financing.

Although the investors are contractually obligated to purchase $500,000 of common stock in each of the scheduled follow-on financing transactions, the actual amount to be raised will be determined by the firm’s board of directors based on the financing needs of the company at that time.

In addition, for each share purchased, the investors shall receive a two-year warrant to buy one share of common stock, exercisable at 200% of the offering price of shares related to each follow-on financing transaction.

Florida-based FNDS3000’s initial focus has concentrated on offering tailored prepaid card programs and services to business customers in this developing prepaid market, including network branded and closed loop programs that support employee payroll, insurance, medical aid, gift cards, prepaid cellular charges and small-scale international transfer of funds.


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