(PR NEWSWIRE) LML Agrees to US$5,000,000 Financing
LML Agrees to US$5,000,000 Financing
VANCOUVER, British Columbia, Nov 18 /PRNewswire/ -- LML Payment Systems
Inc. (the "Company") (Nasdaq: LMLP) is pleased to announce it has entered
into agreements to issue 1,000,000 shares of common stock to four
institutional investors at a purchase price of US$5.00 per share in a private
placement totaling US$5,000,000. The Company has agreed to pay a 10% finder's
fee through the issuance of an additional 100,000 shares. Both the offering
and finder's fee have been made pursuant to Regulation S.
"The procurement of these funds allows us to proceed as planned with our
acquisitional strategy involving the largely fragmented check
verification/recovery industry," said Company President, Patrick H. Gaines.
The Company, through its ChequeMARK group of subsidiaries, is a payments
processor specializing in processing checking transactions electronically and
owns U.S. Patent No. 5,484,988 with regard to a "Checkwriting Point of Sale
System" which, through a centralized database and authorization system, is
capable of providing and administering various electronic payment services for
consumers and businesses.
SOURCE LML Payment Systems, Inc.
-0- 11/18/1999
/CONTACT: Patrick Gaines, President, 904-281-1144, or Investor Relations,
800-888-2260, both of LML Payment Systems Inc./
(LMLP)
CO: LML Payment Systems, Inc.
ST: British Columbia
IN: CPR FIN
SU: FNC
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