Vancouver, BC. May 16, 2023 – Marble Financial Inc. (CSE: MRBL; OTC: MRBLF; FSE:2V0) (“Marble” or the “Company”), an AI-driven financial technology company, announces that it has closed the final tranche of the bond restructuring involving its wholly owned subsidiary, TPF The Phoenix Fund Inc. (“TPF”), and the holders of TPF’s bonds (the “TPF Bonds”), previously announced on March 30, 2023 and April 12, 2023. Pursuant to the final tranche, all remaining TPF bonds, together with any and all further interest and liability thereon, was settled through a combination of debt forgiveness and the issue of 10,653,893 Marble common shares.
The Marble shares issued are subject to a statutory hold period of four months and one day from the date of issuance (the “Initial Hold Period”) and additional resale restrictions agreed to by bondholders such that 25% of the shares will be released from resale restrictions on completion of the Initial Hold Period and further releases of 25% of the shares every four months thereafter.
Karim Nanji, Marble’s CEO states, “We are very pleased to complete the bond restructuring where all of the TPF bond holders agreed to the restructuring and settlement. This transaction resulted in the elimination of over $5.78 million of principal amount of TPF Bonds and all accrued, unpaid and waived interest thereon, significantly strengthening our balance sheet.”
MCTO Update:
Further to the company’s news release of April 25th and May 04, 2023, the Company and its Auditors do not foresee any changes and expect the audit process to be completed and filed as previously stated.
About Marble Financial Inc. (CSE: MRBL; OTC: MRBLF; FSE:2V0):
Marble is a leading provider of software-as-a-service (SaaS) solutions that empower businesses to acquire and use real -time financial data to better transact with consumers. Along with enabling smarter marketing ROI for partners seeking increased conversion rates to those consumers that require further monitoring, predictive financial recommendations, and guidance to rehabilitate them to transact in the future. Utilizing Marble’s proprietary and proven artificial intelligence data-driven technology platforms, Inverite, Accumulate.ai and MyMarble, businesses and consumers are empowered in real-time, access to a 360 financial profile that includes credit and banking data. Marble leverages machine learning, artificial intelligence, predictive financial recommendations, risk scores and open-banking strategies to put the power of financial data into the hands of businesses and consumers, promoting more robust relationships and higher intent toward future engagements.
For further information about Marble Financial, please visit: mymarble.ca
Mike Marrandino, Executive Chairman
T:(855) 661-2390 ext. 104 Email: [email protected]
Cautions:
Neither the Canadian Securities Exchange nor its regulations services providers have reviewed or accept responsibility for the adequacy or accuracy of this release.
This news release may contain forward-looking statements and information (“FLSI”) within the meaning of applicable securities laws. FLSI may include expectations, anticipations, beliefs, opinions, plans, intentions, estimates, forecasts, projections, guidance or other similar statements and information that are not historical facts. FLSI is subject to certain risks and uncertainties, including the risks and uncertainties identified by the Company in its public securities filings, and is based on assumptions, the occurrence or inaccuracy of which, as the case may be, could cause actual results to differ materially from those indicated or implied in FLSI. Accordingly, readers should not place undue reliance or value on FLSI. Although the Company believes that the expectations reflected in any FLSI in this news release are reasonable at the present time, it can give no assurance that such FLSI will prove to be correct. Any FLSI in this news release is expressly qualified in its entirety by this cautionary statement. Any FLSI in this press release is made as of the date hereof and the Company undertakes no obligations to publicly update or revise any FLSI, whether as a result of new information, future events or otherwise, unless required by applicable securities laws.
