Peeks Social Ltd. Receives Approval for Warrant Repricing
2020年2月10日 - 11:00PM
Peeks Social Ltd. (the “Company”)
(TSX.V: PEEK) (OTCQB:
PKSLF) reports that the Company has received approval from
the TSX Venture Exchange (the “Exchange”) for a warrant repricing
application filed on January 20, 2020. The application was
for a repricing of warrants issued in conjunction with a $525,000
convertible debenture financing which closed in two tranches in
December 2018 and January 2019 (the “Offering”).
Under the terms of the Offering, the Company
issued 5,250,000 common share purchase warrants (the
“Warrants”). Each Warrant entitled the holder thereof to
acquire one additional Common Share at a price of $0.15 per Common
Share for a period of 2 years. The debentures and Warrants
contained a provision that if the Company subsequently issued
common shares at a price of less than $0.10 per common share, the
Company would reduce the conversion price of the debentures, as
well as reduce the exercise price of the warrants, subject to the
approval of the Exchange.
Accordingly, the Company applied to the Exchange
to amend the exercise price of 5,250,000 warrants from $0.15 per
share to $0.05 per share. In connection with the reduction in
price, the Company will amend the warrants to include an
acceleration feature to the 2 year expiry date. The Warrants
will be amended to state that if, for any ten (10) consecutive
trading days during the unexpired term of the Warrant, the closing
price of the Company’s common shares on the Exchange exceeds
$0.0625, the exercise period of the Warrants will be reduced to
thirty (30) days from the date of notice to the holder, provided
that the notice to the holder must be given within seven (7) days
following the 10th such trading day.
Neither the TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) has reviewed or accepts
responsibility for the adequacy or accuracy of this Release.
For further information, please contact:
Peeks Social Ltd. |
|
Mark Itwaru |
David Vinokurov |
Chairman & Chief Executive Officer |
Investor Relations |
647-992-7727 |
416-716-9281 |
mark@peeks.com |
davidv@peeks.com |
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