ATLANTA, GA - April 16, 2018 (Investorideas.com Newswire) Gopher Protocol Inc. (OTCQB: GOPH) ("Gopher" and the "Company"), a company specializing in the creation of Internet of Things (IoT) and Artificial Intelligence enabled mobile technologies, announced a closing of the sale of a convertible debenture containing a fixed conversion price, which generated $750,000 in net proceeds. The details on the funding can be found in the Company's Form 8-K – https://www.sec.gov/Archives/edgar/data/1471781/000161577418002602/0001615774-18-002602-index.htm
As previously disclosed, under the terms of the prior financing, Bellridge Capital. LP ("Bellridge") was entitled to invest an additional $750,000 in consideration of a debenture and common stock purchase warrant. On April 9, 2018, Bellridge exercised this right to invest additional capital into the Company.
Since the beginning of 2018, Bellridge has invested $1,500,000 into the Company in consideration of a fixed price convertible debenture and related common stock purchase warrants. Separately, during 2018, an additional $500,000 equity investment was funded by a previous investor. As of today, other than the convertible debentures held by Bellridge, the Company does not have other convertible debt outstanding.
The financing is part of the Company's decision not to take convertible financing without a fixed conversion price and create a balance sheet that gives investors clarity regarding the number of shares outstanding and potential dilution caused by convertible debenture financing.
"This financing fits into our strategy of moving away from variable priced convertible securities with the goal of providing our investors clarity regarding our capital structure. Our management team believes this financing is a very positive signal; two existing investors have chosen to re-invest. One transitioned from being a lender to an equity investor and the other acquired a fixed conversion debenture," stated Greg Bauer, CEO.
About Gopher Protocol Inc.
Gopher Protocol Inc. (OTCQB: GOPH) ("Gopher") (http://gopherprotocol.com/) is a development-stage company which considers itself a Native IoT creator, developing Internet of Things (IoT) and Artificial Intelligence enabled mobile technology. Gopher has a portfolio of Intellectual Property that when commercialized will include smart microchips, mobile application software and supporting cloud software. The system contemplates the creation of a global network. The core of the system will be its advanced microchip technology that can be installed in any mobile device worldwide. Gopher envisions this system as an internal, private network between all enabled mobile devices providing shared processing, advanced mobile database management/sharing and enhanced mobile features.
Corporate Site: http://gopherprotocol.com
Press page/ press kit - http://gopherprotocol.com/?page_id=228
Consumer and product website for Guardian Patch: http://www.guardianpatch.com/.
GOPH disclosure: More info: SEC link /technology abstract:
Certain statements contained in this press release may constitute "forward-looking statements". Forward-looking statements provide current expectations of future events based on certain assumptions and include any statement that does not directly relate to any historical or current fact. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors as disclosed in our filings with the Securities and Exchange Commission located at their website (http://www.sec.gov). In addition to these factors, actual future performance, outcomes, and results may differ materially because of more general factors including (without limitation) general industry and market conditions and growth rates, economic conditions, and governmental and public policy changes. The forward-looking statements included in this press release represent the Company's views as of the date of this press release and these views could change. However, while the Company may elect to update these forward-looking statements at some point in the future, the Company specifically disclaims any obligation to do so. These forward-looking statements should not be relied upon as representing the Company's views as of any date subsequent to the date of the press release.
Greg Bauer, CEO
Gopher Protocol Inc.
VM Only 888-685-7336
SOURCE: Gopher Protocol Inc.
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