Knightscove Media Corp.

Knightscove Media Corp.

December 22, 2010 18:54 ET

Knightscove Media Corp. to Issue 2,194,167 Shares to Senior Officers, Directors and Key Consultants in Lieu of $263,300 in Cash Under a Shares for Debt Application

TORONTO, ONTARIO--(Marketwire - Dec. 22, 2010) - Knightscove Media Corp. (TSX VENTURE:KC.A)(TSX VENTURE:KC.B) ("Knightscove"or the "Company") is pleased to announce that senior officers and directors of the Company have agreed to receive stock at a deemed price per share of $0.12 in lieu of cash compensation for outstanding services provided to the Company. Additionally, outside consultants to Knightscove have agreed to accept stock in lieu of cash on the same terms.

Knightscove is completing the shares for debt transactions (the "Shares for Debt Transactions") in part to conserve cash to support recent undertakings which Knightscove has recently announced and which it believes will enhance shareholder value.

The 354,167 subordinate voting shares being issued to directors of the Company do not require shareholder approval as they were already approved pursuant to the Shares for Services Agreement, which was approved at the Company's last Annual Meeting in March 2010. The 416,667 subordinate voting shares being issued to Knightscove President and CEO Leif Bristow will require the approval of the disinterested shareholders of the Company at Knightscove's upcoming shareholders meeting.

The Shares for Debt Transactions remain subject to the approval of the TSX Venture Exchange and all subordinate voting shares issuable thereunder shall be subject to a statutory hold period.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release or the information contained herein.

Contact Information

  • Knightscove Media Corp.
    Leif Bristow
    President and CEO
    (416) 444-7900 x222