SOURCE: Keek Inc.

Keek Inc.

April 20, 2015 07:00 ET

Keek Announces Update on Financing

TORONTO, ON and NEW YORK, NY--(Marketwired - April 20, 2015) - Mobile video social network Keek (TSX VENTURE: KEK) (OTCQX: KEEKF), a leading global mobile video social network with more than 74 million members around the globe featuring a unique 36-second video format, today announced that further to its press release dated April 1, 2014, the closing of the first tranche of its previously announced private placement of up to $15 million dollars has been delayed. Due to the recent market volatility of the Company's stock price, the terms of the offering are being reconsidered. The Company is also in talks with a strategic investor who is considering an investment in Keek representing a control block. Such talks have been ongoing for a few weeks with due diligence still being carried out by the strategic investor. There is no guarantee the Company will come to terms with the strategic investor or whether the strategic investor will enter into a binding financing agreement. 

Keek also announces that it has accepted resignations from Sheldon Inwentash, Mike Marrandino and David Birnbaum as directors of the Company. Keek wishes to thank them for their service as directors and their ongoing efforts in support of the Company.

The Company will continue to update the investment community on its financing efforts as information is available.

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 timing and completion of a financing with a strategic investor. 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. The outcome of the negotiations with the strategic investor are unknown at this time, and accordingly, no assurances can be given that any of the events anticipated by the forward-looking information will transpire or occur. 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.

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