SOURCE: Keek Inc.

Keek Inc.

November 16, 2015 07:30 ET

Keek Announces Completion of the First Stage of Restructuring Secured Debt

TORONTO, ON--(Marketwired - November 16, 2015) - Keek Inc. (TSX VENTURE: KEK) (OTCQX: KEEKF), a leading global mobile video social network featuring a unique 36 second video format with over 75 million registered users, today announced that Riavera Corporation (a company controlled by Mark Itwaru and a parent company to Corporation) ("Riavera") has completed its acquisition of $3,000,000 principal amount of 12% secured promissory notes (the "Notes") issued by Keek on November 5, 2014 (see press release dated October 14, 2015).

Further, as previously agreed by Riavera, the Notes have been amended to extend the maturity date of the Notes to March 1, 2017, and to reduce the interest rate from 12% per annum to 7% per annum. In addition, the Notes (both principal and accrued interest) will be convertible into common shares of Keek at the option of Riavera at any time prior to maturity. Subject to receipt of all regulatory approvals including the TSX Venture Exchange, the proposed conversion ratio would be one (1) common share of Keek for every dollar of principal or interest converted. In addition, eight Note holders with an aggregate of $1,030,000 principal amount have agreed to amend their Notes on the same terms as the proposed amendments to the Notes held by Riavera. Keek has extended and restructured approximately 74% of its outstanding secured debt.

In the coming weeks, subject to receiving further approval from the TSX Venture Exchange, Keek will be contacting the remaining secured Note holders and offering the same amended terms.

Keek also announces that is has settled $12,282 of debt owed to a trade creditor through the issuance of 17,546 common shares at a price of $0.70 per share. The shares are subject to a four month hold period.

About Keek

Keek is a leading mobile video social network with over 75 million registered users. Keek is easy to use, fast and personal. With Keek, members around the world create and interact with videos up to 36 seconds in length and 111 characters of accompanying text, in either public or private views. Keek makes it simple for anyone to instantly create, distribute, discover and react to content in real-time across mobile devices and the web. The Keek app is available in over 190 countries across 6 global regions, and in 36 languages.

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 ability of Keek to obtain amendments from its remaining secured noteholders. 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:
    Gerry Feldman, CPA, CA
    Director of Keek

    Mark Itwaru
    CEO and Chairman of Personas
    416-815-7000 ext 320