LAVAL, Quebec, March 01, 2022 (GLOBE NEWSWIRE) -- Geekco Technologies Corporation (the “Corporation” or “Geekco”) (TSX-V: GKO; OTCQB: GKOTF) has announced that in accordance with the terms and conditions of the convertible debenture units issued on March 1, 2021 (the “Debentures Units”), Geekco has agreed, subject to the approval of the TSX Venture Exchange (the “TSXV”), to issue 346,018 class A shares (the “Common Shares”) as settlement of payments of interest equal to $100,000 accrued between March 1, 2021 to February 28, 2022. The Common Shares will be issued at the $0.289 per Common Share and will be subject to a statutory four-month hold period beginning as of the date of issuance of the Common Shares. The transaction is subject to the approval of the TSXV.
In a news release dated March 1, 2022, Geekco had announced the completion of the first tranche of a private placement offering of the Debentures Units and the terms of such offering. Such terms include the requirement to pay a 10% interest rate per year, accruing in arrears, payable at the end of each anniversary date either in cash or in Common Shares, at the option of the Corporation. If payment is made in Common Shares, the price per share issued shall be equal to the volume weighted trading price of the Common Shares on the TSXV for the last 20 days prior to the applicable payment date, subject to the minimum price pursuant to the TSXV policies and the TSXV approval.
Geeko had further announced the grant to its directors of an aggregate of 450,000 stock options allowing the acquisition of as much Common Shares at an exercise price of $0.40 per share for a period of 10 years and will vest in increments of 25% per completed six months.
As a recall and previously announced, at the last shareholders meeting of Geekco held on May 31, 2021, the shareholders approved, by a majority of votes and subject to the TSXV approval, a stock option plan which was amended from a 10% rolling plan to a fixed number plan of 7 231 875 Common Shares reserved for the grant of as much options of the Corporation. The shareholders and the disinterested shareholders, both by a majority of votes, also approved the Corporation’s fixed number restricted share units (“RSU”) plan of 7 231 875 Common Shares reserved for the grant of RSU, provided that the maximum number of Common Shares issuable under the stock option plan, the RSU plan and all other security-based compensation arrangements of the Corporation shall not exceed such number.
ABOUT GEEKCO
Geekco is positioning itself at the forefront of social media by offering FlipNpik, a collaborative social network that aims to promote local shopping, thereby contributing to the improvement of local economy and the quality of life of citizens, and to reward valuable contribution with all active users. The FlipNpik ecosystem and mobile application leverage the community of consumers, content creators and influencers to stimulate local shopping and boost the visibility of local businesses. In exchange, active users who create and share digital content within the platform receive “Social Flipsˮ that they can use to earn rewards and/or goods from strategic partners and local businesses.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
For more information, please contact:
Geekco Technologies Corporation:
Henri Harland, Chairman of the Board
Telephone: (514) 246-9734
