SOURCE: Keek Inc.

Keek Inc.

March 21, 2016 09:00 ET

Keek Announces Closing of First Tranche of Private Placement

TORONTO, ON--(Marketwired - March 21, 2016) - Keek (TSX VENTURE: KEK)(OTCQX: KEEKF) today announced that further to its press releases dated January 21, 2016, and March 14, 2016, it has closed on the first tranche of its 6,000,000 unit non-brokered private placement. The Company issued 3,000,000 units at a price of $0.25 per unit, including 520,000 units issued to Riavera Corp. ("Riavera"), in this first closing for gross proceeds of $750,000. The Company is currently in the process of finalizing a second and final tranche, expected to be completed on March 24, 2016.

Each unit is comprised of one common share and one common share purchase warrant of Keek. Each warrant entitles the holder to purchase one common share of the company, at a price of $0.30 per share for a period of 12 months. The common shares issued pursuant to the private placement bear a 4 month hold period. The private placement proceeds will be used by Keek for implementation of the licensing agreement with Personas.com Corporation, as well as for general corporate purposes. The Company paid finders fees of $5,475 in relation to this first closing.

As a result of the completion of the private placement, the $3,000,000 principal amount of 7% secured notes due March 1, 2017 held by Riavera (the "Note"), as well as all accrued interest, will automatically convert according to its terms, into common shares of Keek at a price of $0.25 per share. Principal and interest accrued on the Note to March 24, 2016 (being the expected closing of the second and final tranche), will equal approximately $3,448,619 and would result in the issuance by Keek of approximately 13,794,476 common shares. The common shares will be subject to a four month hold period from the date of issue.

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.

Forward looking statements:

The information and statements in this news release contain certain forward-looking information relating to the issuance of common shares and warrants pursuant to a private placement and the conversion of secured convertible notes. This forward-looking information is subject to certain risks and uncertainties and may be based on assumptions that could cause actual results to differ materially from those anticipated or implied in the forward-looking information. Keek's forward-looking information is expressly qualified in its entirety by this cautionary statement. Except as required by law, Keek undertakes no obligation to publicly update or revise any forward-looking information.

Contact Information

  • For further information, please contact:

    Keek

    Mark Itwaru
    Chairman & Chief Executive Officer
    647-992-7727
    mark@keek.com