Eventure Interactive Inc (OTCBB:EVTI) disclosed that it has completed a financing agreement with Rider Capital Corporation to offer up to $1.5 million in funds. The funds under this financing deal may be used for general working capital. In parallel, the company will take necessary measures to repay Convertible Promissory Notes with various entities including JMJ Financial, Crownbridge Partners, LLC, JSJ Investments and many more.
Eventure considers it vital to repay existing ‘Notes’ which can result into free trading shares of company’s common stock. The repayment of Notes can stop the massive dilution of stock and re-instill the confidence among investors. Michael Rountree, the Chief Financial Officer said that Eventure management is delighted to close a financing deal with Rider Capital Corporation. It will not only meet the needs of working capital but will also help to consolidate company’s convertible debt. He further said that the management couldn’t be more excited with the progress the company has been making.
The future ahead
Mr. Rountree further expressed that they will continue to identify productive revenue opportunities while developing company’s wearable, event gaming and social calendaring technologies. Eventure management appreciates the immense support of its valuable shareholders as the company takes steps to expand the business reach and execute strategic plans for FY2015 and ahead.
The main objective of the company is to provide a controlled group environment where people can connect locally. The company wants to fill the void created in absence of a simple retrieval system. The proprietary technologies solve existing inefficiencies in the world of social connectively. The users have the flexibility and tools to capture memories and store and share them with event attendees.
Eventure Interactive Inc (OTCBB:EVTI) registered a new low yesterday as it ended the last trading session with a loss of 14.52% and broke below the lower end of the short term range built over in the last 2 weeks. The volume surged to 2.6 million, not only considerably higher than the daily average of 366,000 but also the second highest in the last 12 months. As seen on the chart attached, the projected trendline support is not very far away now and the band of $0.04-$0.05 can be expected to provide an initial support at least, though a trend reversal can’t be expected right now.