NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATES
TORONTO and LOS ANGELES, Oct. 15, 2019 (GLOBE NEWSWIRE) -- QYOU Media Inc. (TSXV: QYOU; OTCQB: QYOUF) (“QYOU” or the “Company”) announces that it intends to extend the term of warrants that are due to expire on October 30, 2019 until March 31, 2020. These warrants were issued in connection with the Company’s short form prospectus offering completed on April 30, 2019. Under the offering, the Company issued units comprised of one common share of the Company, one-half of one common share purchase warrant (each such whole common share purchase warrant, a “10 Cent Warrant”) and a second one-half of one common share purchase warrant (each such whole common share purchase warrant, a “12 Cent Warrant”). Each 10 Cent Warrant is exercisable to purchase one common share in the capital of the Company at a price of $0.10 per 10 Cent Warrant Share until October 30, 2019. The Company intends to extend the expiry date of the 10 Cent Warrants until March 31, 2020. At this time, the Company does not intend to amend the terms of the 12 Cent Warrants.
An application has been submitted to the TSX Venture Exchange for the extension of the 10 Cent Warrants until March 31, 2020. Currently there are 19,167,625 10 Cent Warrants issued and outstanding. The proposed extension of the expiration date of the 10 Cent Warrants is subject to approval by the TSX Venture Exchange.
To the Issuer’s knowledge, an aggregate of 500,000 10 Cent Warrants are held by insiders of the Company. The extension of the 10 Cent Warrants held by insiders of the Company constitutes a “related party transaction” within the meaning of Regulation 61-101 – Protection of Minority Security Holders in Special Transactions (“MI 61-101”). However, the amendment of the 10 Cent Warrants held by insiders of the Company is exempt from the minority shareholder approval requirements of MI 61-101 by virtue of the exemption contained in Section 5.7(1)(a) of MI 61-101.
QYOU Media Inc. is a growing global media company that curates and packages premium content from leading digital video creators for multiscreen distribution. Founded and created by industry veterans from Lionsgate, MTV, and CinemaNow, QYOU’s millennial and Gen Z-focused products including linear television networks, genre-based series, mobile apps, and video-on-demand formats reaches more than 500 million people around the world.
|Zoe Mumba||Natasha Roberton|
|Platform Communications for QYOU Media||VP Marketing, QYOU Media|
|+44 (0) 207 486||+49 152 2254 7680|
|Investor Relations for QYOU Media|
|+1 403 221 0915|
This press release contains certain forward-looking statements within the meaning of applicable securities laws. Words such as “expects”, “anticipates” and “intends” or similar expressions are intended to identify forward-looking statements. The forward-looking statements contained herein may include, but are not limited to, the extension of the 10 Cent Warrants and the approval of the TSX Venture Exchange of such extension. These forward-looking statements are based on QYOU’s current projections and expectations about future events and other factors management believes are appropriate. Although QYOU believes that the assumptions underlying these forward-looking statements are reasonable, they may prove to be incorrect, and readers cannot be assured that the offering and the closing thereof will be consistent with these forward-looking statements. Actual results could differ materially from those projected in the forward-looking statements as a result of numerous factors, including certain risk factors, many of which are beyond QYOU’s control. Additional risks and uncertainties regarding QYOU are described in its publicly-available disclosure documents, filed by QYOU on SEDAR (www.sedar.com) except as updated herein. The forward-looking statements contained in this news release represent QYOU’s expectations as of the date of this news release, or as of the date they are otherwise stated to be made, and subsequent events may cause these expectations to change. QYOU undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by law.
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.