SOURCE: Keek Inc.

Keek Inc.

December 03, 2015 18:57 ET

Keek Completes Restructuring of 98% of Its Secured Debt

TORONTO, ON--(Marketwired - December 03, 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 further to its press release dated November 25, 2015, it has received conditional acceptance from the TSX Venture Exchange ("TSXV") and has completed the restructuring of its secured debt.

As a result, Keek converted $2,547,303 of principal secured debt and accrued interest into 5,419,795 common shares at a price of $0.47 per share. The common shares will be subject to a four month hold period which expires March 28, 2016.

Keek also completed the amendment of $3,010,000 principal amount of secured notes (the "Amended Notes") to extend the maturity date to March 1, 2017 (the "Maturity Date"), reduce the interest rate from 12% to 7% and to add a conversion feature enabling the holders to convert all principal and interest into common shares at a price of $1.00 per share at any time prior to the Maturity Date. Keek obtained conditional acceptance from the TSXV for the potential issuance of up to 3,663,333 common shares at a price of $1.00 per share should the holders decide to exercise their right to convert. The Amended Notes also carry an automatic conversion feature which provides for an automatic conversion of the Amended Notes should Keek conduct a bona fide financing prior to the Maturity Date pursuant to which it receives aggregate gross proceeds of not less than Cdn$1,000,000 (excluding any and all Notes which are converted and any other indebtedness), whether way of a private placement or an amalgamation, arrangement, merger, consolidation, reverse takeover, reorganization or other business combination or other similar transaction. Upon conversion of the Amended Notes, the common shares issued would be subject to a 4 month hold period.

Keek also announces that is has settled $60,000 of debt owed to a trade creditor through the issuance of 127,659 common shares at a price of $0.47 per share. The shares are subject to a four month hold period which expires March 28, 2016.

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 circumstances under which the outstanding secured notes may be converted into common shares. 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