SOURCE: Keek Inc.

Keek Inc.

November 06, 2014 16:05 ET

Keek Closes First Tranche of Financing

NEW YORK, NY and TORONTO, ON--(Marketwired - November 06, 2014) - Keek Inc. (TSX VENTURE: KEK) (OTCQX: KEEKF) (Keek or the Company) is pleased to announce that further to its press release dated October 28, 2014, it has closed the first tranche of the issuance of secured notes of up to $5 million (collectively, the Notes). The Company issued $3,000,000 principal amount of Notes to Pinetree Capital Ltd ("Pinetree") a significant shareholder of the Company. The Company intends to use the proceeds from the Notes for general working capital purposes.

The Notes bear interest at a rate of 12% per annum on the principal amount outstanding and the first tranche of Notes will be repayable on November 5, 2015. The Notes are secured by a General Security Agreement over all present and future assets and intangibles of the Company. In consideration for the Notes, the Company issued 3 million non-transferable, common share purchase warrants (Warrants) to Pinetree. Each Warrant entitles the holder to purchase one common share of the Company at an exercise price of $0.10 per share at any time up to November 5, 2017. The Warrants are subject to a statutory four-month hold period.

The Company anticipates holding one or more closings of Notes prior to December 31, 2014, and based on current interest levels, may apply to the TSX Venture Exchange for an increase to the maximum amount of $5,000,000, subject to receipt of necessary regulatory approvals. 

KEEK:
Keek is a leading mobile video social network with 70 million members worldwide. 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. 

Additional investor information can be found at www.sedar.com or by contacting investors@keek.com.

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.

Cautionary and Forward-looking Statements -- Statements contained in this news release which are not historical facts are forward-looking statements that involve risk, uncertainties and other factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements. All forward-looking statements included in this news release are based on information available to the Company on the date hereof. There is no assurance that forward looking statements such as additional closings of Notes will occur as expected or that the amount will be increased. Readers should not place undue reliance on these forward-looking statements. The Company assumes no obligation to update any forward-looking statements, except as required by applicable securities laws.

Contact Information