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TORONTO, July 24, 2024 (GLOBE NEWSWIRE) -- ARHT Media Inc. ("ARHT" or "the Company") (TSXV: ART), (OTCQB: ARHTF) the global leader in the development, production and distribution of high-quality, low latency hologram and digital content, announces that it intends to issue an aggregate of $175,787.35 of interest payment owed to certain arm's-length and non-arm's length holders of debentures (the "Debentures") through the issuance of an aggregate of 2,929,793 common shares of the Company (each, a "Common Share") at a price of $0.06 per share (the "Debt Settlement"). The Debentures were issued in August 2023, February 2024, and June 2024, respectively, and mature on August 3, 2025 and carry an annual interest rate of 15%, accrued and payable semi-annually on each of June 30 and December 31, payable in cash or shares at the option of the Company and subject to the approval of the TSX Venture Exchange (the "TSXV"). Under the terms of the Debentures, the interest payable to the holders of Debentures is payable in Common Shares at a price per Common Share equal to the Market Price on July 23, 2024. See press release dated August 3, 2023.
All Common Shares issued in connection with the Debt Settlement will be subject to a hold period of 4 months plus a day from the issuance and the resale rules of applicable securities legislation.
Certain directors, officers and other insiders of the Company will acquire direction and control over a total of 982,063 Common Shares under the Debt Settlement. The participation of those persons in the Debt Settlement constitutes a “related party transaction” within the meaning of Multilateral Instrument 61‑101 ‑Protection of Minority Security Holders in Special Transactions (“MI 61‑101”). The Company has relied on exemptions from the formal valuation and minority shareholder approval requirements of MI 61‑101 contained in sections 5.5(a) and 5.7(1)(a) of MI 61‑101 in respect of related party participation in the Debt Settlement as neither the fair market value (as determined under MI 61-101) of the subject matter of, nor the fair market value of the consideration for, the transaction, insofar as it involved the related parties, exceeded 25% of the Company’s market capitalization (as determined under MI 61-101).
About ARHT
ARHT is a pioneer and the global leader in live hologram technology. Thanks to its patented end-to-end technology, executives, medical experts, educators, entertainers, and thought leaders can travel at the speed of light to any destination.
ARHT was founded in 2014 and is publicly traded on the TSX Venture Exchange. ARHT has offices in North America, Europe and Asia and operates from its own studios in locations from Toronto to Singapore, as well as a large network of partner studios in every region.
Connect with ARHT:
LinkedIn: https://www.linkedin.com/company/arht-tech
Instagram: https://www.instagram.com/arht.tech
Facebook: https://www.facebook.com/arht.tech
X, formally known as Twitter: https://twitter.com/arht_tech
Youtube: https://www.youtube.com/@arht-tech
For more information, please visit www.arht.tech/about/investors or www.arht.tech.
Alternatively, email us directly at info@arht.tech.
ARHT trades under the symbol "ART" on the TSX Venture Exchange.
Press Inquiries:
Kristen Spence
kspence@arht.tech
ARHT
Vasily Ryabov
Chief Financial Officer
+1 (416)-782-8042 (head office)
This press release may contain "forward-looking information" within the meaning of applicable Canadian securities legislation. Forward-looking information includes, but is not limited to, the intention to exercise convertible securities of the Company; disclosure related to the Company's sales funnel; the Company's technology; the potential uses for the Company's technology; the future planned events using the Company's technology; the future success of the Company; the ability of the Company to monetize the ARHT Media technology; the development of the Company's technology; and interest from parties in ARHT's products. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information, including but not limited to: general business, economic and competitive uncertainties; regulatory risks; risks inherent in technology operations; and other risks of the technology industry. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
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