TORONTO, ONTARIO--(Marketwired - Nov. 1, 2016) - Further to its announcement via news release dated October 14, 2016 concerning the release of proceeds from the first closing of its arm's length brokered private placement of subscription receipts (the "Private Placement") by Findev Inc. (TSX VENTURE:FDI) (the "Company" or "Findev") in connection with its proposed change of business from one focused on the digital distribution of games for Smart TVs, next-generation set-top boxes and over-the-top devices, to that of lending to, investing in and financing real estate transactions (the "Proposed COB"), the Company is pleased to announce the second closing of the Private Placement and the related conversion of subscription receipts to common shares and the release of funds to the Company.

On October 31, 2016, the Company issued a total of 5,878,681 subscription receipts at a price per share of $0.60 in connection with the second closing of the Private Placement, resulting in gross proceeds of approximately $3,527,208. The subscription receipts were converted and funds released to the Company on the same day, resulting in the issuance of 5,878,681 common shares and a total of 5,878,670 common share purchase warrants, half with an 18-month expiry and the other half with a 36-month expiry, and each exercisable at $0.70, provided that the Company may in its sole discretion call the warrants if and when and the common shares trade at a price equal to or greater than $1.20 for 5 consecutive days.

Cranson Capital Securities Inc. (the "Agent") acted as the agent for the Private Placement. The Company paid the Agent a cash amount equal to six percent (6.0%) of the aggregate proceeds of the Private Placement raised by the Agent.

Plazacorp Holding Limited subscribed for 2,608,333 subscription receipts in connection with the second closing of the Private Placement and now holds a total of 11,500,000 common shares of the Company, or approximately 40% of the Company's outstanding shares. The common shares of the Company are expected to remain halted from trading on the TSX-V until the completion of the Proposed COB.

On behalf of the Company,

Sruli Weinreb, CEO

NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

Forward-Looking Statements

Certain statements in this document may constitute "forward-looking" statements, which involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. When used in this document, such statements use words like "may", "will", "expect", "continue", "believe", "plan", "intend", "would", "could", "should", "anticipate" and other similar terminology. These statements reflect current assumptions and expectations regarding future events and operating performance and speak only as of the date of this document. Forward-looking statements involve significant risks and uncertainties, should not be read as guarantees of future performance or results, and will not necessarily be accurate indications of whether or not such results will be achieved. A number of factors could cause actual results to vary significantly from the results discussed in the forward-looking statements, including, but not limited to, the factors discussed under the "Risk Factors" section of the Company's the most recently filed Annual Report which is available on SEDAR at www.sedar.com.

Although the forward-looking statements contained in this document are based upon what we believe are reasonable assumptions, we cannot assure investors that our actual results will be consistent with these forward-looking statements. We assume no obligation to update or revise these forward-looking statements to reflect new events or circumstances, except as required by securities law.