NetCents Technology Inc (CSE:NC) (OTCMKTS:NTTCF) announced its plans to raise up to C$2.5 million to fund the company’s growth plans as the cryptocurrency market picks up steam.
The Vancouver-based company grew over 79% in May, nearly doubling its projected target, after seeing a 37% increase in April and a 44% increase in March.
NetCents, an online payment processing platform and transactional hub for cryptocurrency payments, is benefitting from the resurgence of optimism surrounding cryptocurrency in recent weeks. Bitcoin, the leading cryptocurrency, ended June around US$12,000 after months of languishing around US$4,000.
READ: NetCents Technology's processing volumes increased in March and April by double-digits
The new offering is intended to boost the company’s ability to sign new merchants and partner integrations, according to NetCents Technology CEO Clayton Moore.
"We're pleased to announce this financing as the crypto winter thaws along with this years' growth and success," said Moore. "Since February we've experienced over 40% month over month growth in total transactions. We have tripled our monthly processing volume and also tripled our total amount of merchants.”
Moore said that the recent release of second quarter financials does not yet reflect the growth, but the company expects it to be reflected in its third quarter financials.
Under the terms of the offering, the company will issue nearly 4.2 million units at a price of C$0.60 per unit for gross proceeds of C$2.5 million. Each unit consists of one common share and one warrant exercisable at C$0.70 for a 36-month period following the closing date.
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