LOS ANGELES, CA / March 3, 2021 / Sanwire Corporation, (“Sanwire” or the “Company”) (OTC PINK:SNWR), a diversified company with a focus on technologies for the entertainment industry today announced the sale of a $240,000, 24 month convertible note (the “Note”) to ProActive Capital Partners, LLC ( “ProActive” ) a New York based institutional fund for gross proceeds to the Company of $200,000. The Note has a fixed conversion price of $0.14 per share. Sanwire intends to use proceeds for general corporate purposes and to advance the development of its wholly owned subsidiary, Intercept Music, a marketing and distribution SaaS company with a focus on technologies for the entertainment industry.
Upon funding ProActive will receive 10 million warrants to purchase common stock at an exercise price of $.014 for a period of 60 months.
“We are pleased to provide this initial investment to Sanwire and assist in the growth of their subsidiary, Intercept Music,” stated Jeff Ramson, Managing Director of ProActive Capital Partners. “We believe Intercept’s management team will be able to draw from their history of successes and expertise in the technology and music industries, and we share their vision of offering independent artists a robust platform and a full suite of professional services to advance their careers.”
“We were introduced to ProActive about 6 months ago” said Chris Whitcomb, SanWire CEO. “and their name – ‘partners’ – really says it all. Not only have they taken the time to understand our business model and the opportunity, but they bring the financial expertise we need to position the company to be attractive for investors so we can expand internationally, ideally move up in markets, and continue to partner with the biggest music companies in the world like we have with Universal Music. ProActive has been there with us every step of the way.”
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