01:49 PM EDT, 05/06/2024 (MT Newswires) -- RevoluGROUP Canada ( MPSFF ) said Monday it is raising C$1 million in a non-brokered private placement of share units.

The payments company said it will look to place up to 20-million units in the financing with each priced at C$0.05 and made up of a share and a one-year warrant to buy a second share for C$0.10.

According to a company statement, ex-CEO Steve Marshall could place a lead order for the private placement, pending the successful approval and completion of the subsequent commitments as specified below.

In a statement by Marshall to Chairman Bernard Lonis: "Over the weekend of the 4th and 5th of May 2024, in what was a surprise call, the company's ex-CEO, Mr. Steve Marshall, reached out to the company chairman, Mr. Lonis. Shareholders should note that Mr. Marshall remains a significant shareholder of the company. Over the two days, the two spoke for almost 3 hours about numerous matters, including the sudden resignation of the company CEO, Mr. McMillan."

During the conversation with Lonis, Marshall conveyed his openness to considering resuming a possible leadership role at RevoluGROUP.

The company's shares were last seen down C$0.005 to C$0.045 on the TSX Venture Exchange.

Price: 0.05, Change: -0.01, Percent Change: -10.00