SOURCE: Keek Inc.

Keek Inc.

November 25, 2015 08:00 ET

Keek Restructures 98% of Its Secured Debt

TORONTO, ON--(Marketwired - November 25, 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 16, 2015, additional holders of its 12% secured promissory notes (the "Notes") issued on November 24, 2014, and February 5, 2015, have agreed to either amend their Notes and accrued interest on the same terms as Riavera Corporation (extend to March 1, 2017, reduce the interest rate from 12% to 7%, and add a conversion feature) or to convert their Notes and accrued interest into common shares of Keek at the current market price.

Holders with $2,305,000 principal amount of Notes and $240,684 accrued interest, for an aggregate amount owing of $2,545,684, have agreed to settle their debt for common shares of Keek at a price of $0.47 per share. Subject to receiving acceptance by the TSX Venture Exchange (the "TSXV"), Keek will issue an aggregate of 5,416,337 common shares to settle $2,545,684 owing. The common shares will be subject to a four month hold period.

Subject to receiving final acceptance by the TSXV, Notes in the principal amount of $3,010,000 and $361,200 accrued interest, for an aggregate total of $3,371,200, will be amended to extend the maturity date to March 1, 2017; to reduce the interest rate from 12% to 7% per annum; and to add a conversion feature providing for the conversion of all principal and accrued interest at $1.00 per Keek common share. In addition, the holders have agreed that in the event that Keek raises additional financing of $1,000,000 by way of a private placement or other transaction (such as a merger, amalgamation, etc.), the Notes and any accrued interest will automatically convert into Keek common shares at the deemed price of such financing.

"We are very pleased to have the support of the Note holders. With 98 percent of our secured debt now restructured, management and staff can focus on our business model and the integration with The restructuring of the debt helps clear the way to securing additional capital in the coming months," stated Gerry Feldman, CPA, CA, Director of Keek.

The share purchase warrants originally granted in connection with all the Notes will be cancelled.

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 TSXV approval relating to the conversion of and amendments to its secured 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:
    Gerry Feldman, CPA, CA
    Director of Keek