SOURCE: Keek Inc.

Keek Inc.

March 03, 2015 08:15 ET

Keek Retains Cantor Fitzgerald Canada to Facilitate $15 Million Private Placement

Keek Also Announces Product Feature Releases

NEW YORK, NY and TORONTO, ON--(Marketwired - March 03, 2015) -

NOT FOR DISSEMINATION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

Keek Inc. (TSX VENTURE: KEK) (OTCQX: KEEKF) ("the Company"), 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 it has retained Cantor Fitzgerald Canada Corporation ("Cantor Fitzgerald") to facilitate a private placement of units of the Company ("Units") on a best efforts agency basis for gross proceeds of up to $15 million (the "Offering"). The Units will be offered at a price to be determined in the context of the market (the "Issue Price"), subject to the rules of, and approval by, the TSX Venture Exchange (the "TSXV").

Each Unit will consist of one (1) share of common stock of the Company (each, a "Common Share") and one-half (1/2) Common Share purchase warrant (each, a "Warrant"). Each whole Warrant shall entitle the holder to purchase one Common Share, at a 25% premium to the Issue Price, at any time on or before the date which is 12 months after closing of the Offering. If at any time during the term of the Warrants the volume weighted average closing price of the Common Shares on the TSX Venture Exchange (the "TSXV") is $2.00 or more for 30 consecutive trading days, then the Company will have the right, by providing notice (the "Acceleration Notice") to holders of Warrants, to accelerate the expiry date of the Warrants to that date which is 30 days from the date of the Acceleration Notice. The Company will also grant to Cantor Fitzgerald an over-allotment option, exercisable in whole or in part at any time up to 30 days following closing of the Offering, to purchase at the Issue Price up to an additional 15% of the Units sold under the Offering on the same terms and conditions.

Further details relating to pricing of the private placement are expected to be finalized in the near term with closing scheduled on or about March 31, 2015. 

"I'm delighted that we have engaged the team at Cantor Fitzgerald Canada," said Alexandra Cameron, CEO of Keek. "The Cantor Fitzgerald team has a comprehensive understanding of Keek's position and potential within the social, mobile, video space, as well as what we believe to be our current inflection point. We have an exceptional team of talent to take us to the next level. I'm highly confident in our long-range strategy, which is led by a mobile-first and product-first philosophy."

Separately, as part of Keek's 3.0 rollout, the company announced the release of the Rekeek feature for iPhone and Messenger for Android devices. The Rekeek feature will be rolled out across other platforms in the near future. With Messenger users on Keek have the ability to send private messages and group chat with each other in real time. Keek 3.0 is an interim product enhancement toward larger feature innovations, Keek X, coming this Fall.

About Keek
Keek is a leading mobile video social network with more than 74 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.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any state in the United States in which such offer, solicitation or sale would be unlawful. The securities referred to herein have not been and will not be registered or sold under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.

THIS PRESS RELEASE DOES NOT CONSTITUE AN OFFER TO SELL SECURITIES OR A SOLICITATION FOR PURCHASERS TO BUY SECURITIES. THIS PRESS RELEASE IS NOT TO BE CONSTRUED AS A PUBLIC OFFERING IN ANY PROVINCE IN CANADA UNLESS A PROSPECTUS RELATING THERETO HAS BEEN ACCEPTED FOR FILING BY A SECURITIES COMMISSION OR SIMILAR AUTHORITY IN SUCH PROVINCE.

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