TORONTO, Feb. 03, 2020 (GLOBE NEWSWIRE) -- Kuuhubb Inc. (“Kuuhubb” or the “Company”) (TSX- V: KUU), a mobile game development and publishing company focused on providing the female audience with creative interactive gaming experiences, is pleased to announce that further to its press release dated January 20, 2020, it has closed a non-brokered private placement offering (the “Offering”) of an unsecured Convertible Debenture (the “Debenture”) totaling €2 Million in principal amount (approximately CAD$2.9 million). The Offering is subject to certain conditions including, but not limited to, the receipt of all necessary approvals, including final approval of the TSX Venture Exchange and applicable securities regulatory authorities.
The Debenture will mature 36 months from the date of closing (the “Maturity Date”) and bear interest at a rate of 10% per annum (the “Interest”). The Debenture will be convertible at the option of the holder, in whole or in part, into common shares of the Company (the “Shares”) at a conversion price of CAD$0.80 per Share (the “Conversion Price”).
The Debenture and the common shares issuable upon the conversion of the Debentures will be subject to a four-month and one day statutory hold period, in addition to such other restrictions as may apply under applicable securities laws in jurisdictions outside of Canada.
Kuuhubb’s CEO, Jouni Keränen stated, “We are delighted to have closed this offering. This funding is significant to furthering the development of our next generation product pipeline, and the continued enhancement of our existing portfolio.”
Kuuhubb is a publicly listed mobile game development and publishing company, targeting the female audience with bespoke mobile experiences. Our presence, investment and knowledge in esports enables us to bring emerging casual mobile esports to our apps and games portfolio. We create games and apps that help our female audience relax, express, and entertain themselves every day. We explore new lifestyle trends that can be converted into games and apps and offer our community unforgettable gaming and esports experiences. Our vision is to become a top player in the space of women's mobile gaming and casual esports. Headquartered in Helsinki, Finland, Kuuhubb has a global presence with a strong focus on the North American market and a plan to expand into the growing Asian market.
Cautionary Note Concerning Forward-Looking Information
This press release contains forward-looking information. All statements, other than statements of historical fact, that address activities, events or developments that the Company believes, expects or anticipates will or may occur in the future (including, without limitation, statements relating to future revenue, products and development and growth of the Company’s business) are forward-looking information. This forward-looking information reflects the current expectations or beliefs of the Company based on information currently available to the Company. Forward-looking information is subject to a number of risks and uncertainties that may cause the actual results of the Company to differ materially from those discussed in the forward-looking information, and even if such actual results are realized or substantially realized, there can be no assurance that they will have the expected consequences to, or effects on the Company. Factors that could cause actual results or events to differ materially from current expectations include, among other things, risks related to the growth strategy of the Company, the possibility that results from the Company’s growth and development plans will not be consistent with the Company's expectations, the early stage of the Company's development, competition from companies in a number of industries, the ability of the Company to manage expansion and integrate acquisitions into its business, future business development of the Company and the other risks disclosed under the heading "Risk Factors" in the Company's annual information form dated November 8, 2018 filed on SEDAR at www.sedar.com. Forward-looking information speaks only as of the date on which it is provided and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking information, whether as a result of new information, future events or results or otherwise. Although the Company believes that the assumptions inherent in the forward-looking information are reasonable, forward-looking information is not a guarantee of future performance and accordingly undue reliance should not be put on such information due to the inherent uncertainty therein.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
For further information, please contact:
Jouni Keränen – CEO
Office: +358 40 590 0919
Office: +1 (416) 479-9547