IFAN Financial Announces $2.5 Million Financing by Sea Otter Global Ventures, LLC

SAN DIEGO, CA (Marketwired) 06/01/15 IFAN Financial, Inc. (OTCQB: IFAN), a designer, developer, and distributer of software to enable mobile payments, is pleased to announce that it has closed a funding agreement with NY-based Sea Otter Global Ventures, LLC, manager of SBI Investments, LLC (together, Sea Otter ) for $2,500,000. The financing is comprised of two parts a $500,000 secured promissory note and a $2,000,000 equity line of credit. The 12-month loan is secured by insider stock, and carries a 10% annual interest rate, payable quarterly in cash. Sea Otter provided half of the loan upon closing, and the other half will be released upon filing of the S-1 registration statement. The equity line of credit commits Sea Otter to purchase up to $2,000,000 of IFAN Financial common stock following the effectiveness of the S-1 over the next 18 months. The purchase price will be the lesser of a 20% discount to Market Price (taken to be the average of the 3 lowest volume weighted average pr
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